A Boston-based buyer purchased a 200,000-square-foot industrial building in Middlesex County for $36.5 million.
Lee & Associates New Jersey announced the sale of the two-building, 17-acre property at 18-20 Hamrich Road in South Plainfield Sept. 21.
Rick Marchisio, vice president and principal; Crista Governara, vice president and partner; and Drew Maffey, partner, represented the seller – a private ownership entity – and procured Marcus Partners as the buyer in the off-market transaction.
“The New Jersey industrial market is extremely tight, and this is a highly desirable, fully tenanted warehouse property in a submarket that has emerged as a sought-after location for last-mile distribution,” Governara said in a statement. “Marcus Partners was looking for a specific investment type, and all the stars aligned to make this an attractive deal in a competitive marketplace.”
Marcus Partners acquired its first New Jersey industrial properties in 2021, two buildings in Paterson totaling 194,000 square feet.
In South Plainfield, the multitenant property offers significant outdoor storage, according to Lee & Associates, along with up to 28-foot clear ceiling heights, ample parking and multiple loading docks in proximity to Port Newark-Elizabeth, Interstate 287, the New Jersey Turnpike, and Routes 1 and 9.