Lee & Associates–WBE New Jersey ‘s office arranged the $19.4 million, off-market sale of two industrial buildings at 121 and 131 Ethel Rd. West in Piscataway, N.J. Longpoint acquired the assets, totaling 101,454 square feet, from a private investor that had owned the property for 25 years.
Lee & Associates’ Drew Maffey and Joseph Komitor represented Longpoint during the purchase. The two small-bay industrial buildings at 121 & 131 Ethel Rd. West are 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.
Lee & Associates–WBE is the regional operation of Lee & Associates, a privately owned commercial real estate services firm.
“Longpoint continues to expand its presence in Northern New Jersey,” said Rob Delaney, head of acquisitions for the region for Longpoint, a vertically integrated private equity real estate firm with deep domain experience in acquiring and operating infill logistics real estate and grocery anchored centers in major U.S. markets. “This difficult-to-replicate asset and its location, with proximity to I-287 and the New Jersey Turnpike, were particularly attractive.”
