Invesco Real Estate expanded its portfolio with the addition of a fully occupied, 216,000-square-foot warehouse located in Central Jersey.

JLL Capital Markets said Feb. 27 it arranged the sale of 152 Ridge Road in South Brunswick to the global real estate asset manager.

The Middlesex County site is located within one of the state’s strongest submarkets. In fact, the Exit 8A area recorded the most leasing activity in the fourth quarter of 2023, according to Colliers. The 9 million square feet represented a more than 32% increase quarter over quarter.

Built in 1991, the Ridge Road footcross-dock warehouse facility features 33 loading doors and 30-foot clear heights.

A third-party logistics company specializing in shipping via coast-to-coast less than truckload, full truckload and intermodal occupies the entire site.

The JLL Capital Markets team was led by Managing Directors Jordan Avanzato and Marc Duval, Directors Nicholas Stefans and Jason Lundy, Senior Managing Director Jose Cruz and Associate Conor Walsh.

In a statement, Avanzato said there’s no shortage in demand for well-located assets.

“The Exit 8A market has long been one of the strongest performing marketing in New Jersey and continues to see rent growth and staggering absorption rates,” Avanzato said.

JLL pointed to “plateaued” availability in the industrial sector due to limited construction starts in its Q4 insights. According to the report, that will help keep rents elevated — though significant tenant concessions are expected, as compared to previous years.

‘A strong performer’

“The industrial market in New Jersey has been a strong performer despite the headwinds over the past year and we are seeing the re-emergence of institutional capital to verify it,” added Duval.

Since its inception in 1983, Invesco Real Estate has built up $90.1 billion in real estate assets under management worldwide, comprised of 800-plus properties.

Last May, Invesco acquired the nearly 300,000-square-foot West Essex Logistics Center in Livingston. The month before, the company secured funds for development projects with Morristown-based The Hampshire Cos. in Bogota and Ridgefield Park. The JV also secured $39 million in acquisition financing for a Meadowlands purchase.