Corebridge JV Sells 840 KSF Industrial Portfolio

Corebridge Real Estate Investors and Kadima Industrial Partners have sold a 12-property, 840,000-square-foot infill industrial portfolio in New Jersey. L&B Realty Advisors acquired the collection of assets.

JLL advised the sellers on the deal. The transaction’s dollar value was not disclosed.

The portfolio was 97% leased at the time of the sale.

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The sellers described the portfolio as spread across supply-constrained corridors in Burlington, Camden, Gloucester and Passaic counties, with access to major transportation infrastructure and dense population centers. The collection comprises both warehouse and industrial flex properties, including shallow-bay spaces, and is leased to a roster of logistics, manufacturing and business services tenants.

One property included in the sale is 4 E. Stow Road, a 156,643-square-foot building in Marlton, N.J. The Class B asset was built in 1966, Yardi Matrix shows. JLL did not reply to Commercial Property Executive’s request for more detailed information about the rest of the portfolio.

Ongoing improvement in New Jersey

In a prepared statement, Marianne Ganster, managing director and head of U.S. asset management at Corebridge, remarked that the sellers’ strategy involved capturing strong mark-to-market leasing opportunities. Kadima President Aaron Malitzky added that the 12-asset portfolio had been acquired entirely through off-market transactions over the past four years.

New Jersey’s industrial space market continues to outperform, with leasing activity well above historical averages and vacancy down for four straight quarters, according to a second-quarter report from JLL. Statewide, vacancy was down to 5.8 percent and is expected to continue to decline in the second half of the year, based on a limited construction pipeline of just 6.8 million square feet, JLL reported.

Other Corebridge activity came in August, when the firm and joint venture partner Crestlight Capital acquired two office buildings anchoring The Station at LoSo, a mixed-use development in Charlotte, N.C. The seller was Beacon Partners and the deal was valued at $91.8 million.