With six buildings totaling 90,677 square feet, the Freehold Business Park has been sold in a deal closed by CBRE, the firm announced July 20.
MT Freehold BPD LLC acquired the package from Asbury Avenue Partners LLC for $15.2 million. In addition to the warehouse buildings, the portfolio also includes an approximately 1-acre lot that CBRE said could be developed into another more than 13,000-square-foot industrial property.
The CBRE Investment Properties team of Charles Berger, Elli Klapper, Mark Silverman and Jeremy Wernick worked with Lou Belfer and Scott Belfer of the firm’s Transaction & Advisory Group to represent the seller.
Freehold Business Park is situated on 14.27 acres at 1 Business Park Drive in Monmouth County’s Freehold. Constructed in 2007, the complex was renovated in 2021 to meet user-demand for high-quality industrial space.
“The sale of the properties within the Freehold Business Park represents the sixth transaction our team has completed in Freehold over the past few years, demonstrating the area’s status as a premier industrial submarket in Central New Jersey,” Berger said in a statement. “In fact, industrial real estate is now on par with the multifamily sector as one of the most highly coveted asset classes within commercial real estate, with both still trading at aggressive cap rates.”
Situated near Routes 33, 18 and 9, Interstate 95 and the Garden State Parkway, the complex is well-connected. Its tenants operate across a wide range of businesses providing a diversified investment for the buyer, CBRE said, adding that the purchase also offered the opportunity for long-term rent growth. Earlier this month, CBRE released its figures report for the Northern and Central New Jersey industrial markets, which showed that rents are are on the rise – by 13% quarter over quarter and 56% year over year – as the sector posts historically tight vacancies.
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