Lee & Associates – WBE arranged the $19.4-million, off-market sale of two industrial buildings at 121 and 131 Ethel Rd. West in Piscataway, NJ. Longpoint acquired the assets, totaling 101,454 square feet, from a private investor that owned the property for 25 years.
Drew Maffey and Joseph Komitor of Lee WBE represented Longpoint during the purchase. The two small-bay industrial buildingsare 100% leased to a diverse tenant mix, from distribution and warehousing to food production and R&D.
“Small-bay product is seeing high demand in New Jersey from investors and tenants alike – it’s the industry’s ‘sweet spot’ in today’s climate,” Maffey noted. “This combination of asset size and location was particularly desirable.”
Added Rob Delaney, Longpoint’s head of acquisitions for the region, “Longpoint continues to expand its presence in Northern New Jersey. This difficult-to-replicate asset and its location, with proximity to I-287 and the New Jersey Turnpike, were particularly attractive.”
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