Home News Marcus Partners Buys South Plainfield Warehouses for $37M

Marcus Partners Buys South Plainfield Warehouses for $37M

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Marcus Partners CEO Paul Marcus with 18-20 Harmich Road, South Plainfield, New Jersey (Getty Images, Lee & Associates, Marcus Partners)

Another out-of-state investor is cementing a piece of North Jersey’s hot industrial market.

Boston-based private equity firm Marcus Partners has acquired a 200,000-square-foot property with two warehouses in South Plainfield for $36.5 million.

The 17-acre site is located at 18-20 Hermick Road in the town of Middlesex County, close to Interstate 287 and the New Jersey Turnpike, and approximately 23 miles from the Port Newark Elizabeth Marine Terminal, a major shipping port.

Off-market transactions were brokered by Rick Marchisio, Crista Governara, and Drew Maffey of Lee & Associates.

The acquisition comes weeks after the private equity firm said it had closed $650 million real estate fund. Its portfolio consists primarily of industrial, life science, and multifamily properties located in the Boston, New York, and Washington, DC metropolitan areas.

Marcus Partners Others New Jersey Holdings It includes approximately 200,000 square feet of industrial real estate in Paterson and a similarly sized Life Sciences building in Rockley.

Across the river in Manhattan, the company owns two 11-story office buildings at 10 and 12 East 33rd Street in Midtown, which it purchased from Dalan Management. $54.5 million 2018.

The company also partnered with Crow Holdings last year to First multi-family project in New York. The two 450-unit luxury homes in Harrison, Westchester County, are expected to be completed in 2024.

Marcus Partners’ deal comes days after Longpoint Realty Partners, another Boston-based private equity firm, recently purchased a 100,000-square-foot industrial property in Clifton, New Jersey. $18.5 millionThe transaction was brokered by Lee & Associates.

Northern New Jersey boasts proximity to New York City and access to multiple ports and highways, making it one of the tightest industrial markets in the country. Vacancy fell to a record low of 2.4% in the second quarter. According to Savillsaverage asking rents increased by 47% compared to the same period last year.

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