Barings Real Estate acquires buildings in New Jersey
Barings Real Estate, on behalf of an institutional investor, has acquired two industrial buildings in New Jersey’s Port submarket of Avenel. The properties, 191 Blair Road and 215 Blair Road, are located at Exit 12 of the N.J. Turnpike/I-95. The deal include a fully renovated, 175,182 sq ft building and a newly constructed, 198,854 sq ft building. Cushman & Wakefield represented the seller, Sitex Group.
“Both buildings exhibited significant leasing interest prior to close,” said Kyle Schmidt of Cushman & Wakefield. “Users are drawn to the properties’ Port location, highly functional building designs and site layouts that accommodate highly sought-after excess trailer parking.”