BGO Pays $270M for 1 MSF Industrial Asset

BGO, a global real estate investment management advisor, has acquired Millstone 8 Logistics Park, a fully leased, 997,965-square-foot Class A industrial asset in Millstone, N.J., for $270.4 million from Crow Holdings, according to Yardi Matrix data.

JLL Capital Markets secured the acquisition financing for BGO from Northwestern Mutual. The 10-year $130 million loan will mature in February 2036, Yardi Matrix reported.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Jim Cadranell and Jon Mikula, Associate John Cumming and Analyst Caleb Henry.

The acquisition in New Jersey comes several weeks after BGO refinanced a 607,208-square-foot Class A building at the Interchange Logistics Center in Fairfield, Calif., with a $58.3 million loan. TPG Capital, the debt and credit platform of TPG Angelo Gordon, originated the note, according to Yardi Matrix. BGO has owned the logistics center since 2021, when Link Logistics sold it for $73.5 million.

Closer look at Millstone 8

Crow Holdings, a privately owned real estate and development firm, partnered with The Carlyle Group and 2020 Acquisitions to develop the asset at 505 Route 33 nearly five years ago. Construction began in July 2021 at the nearly 115-acre property in the Exit 8/8A industrial submarket.

Completed in 2022, the cross-dock building features 40-foot clear heights, 170 loading doors, parking for 458 cars and 273 trailers.

Crow Holdings inked a full-building lease with Logistics Plus in March 2025 for the nearly 1 million-square-foot warehouse.  The property is less than 6 miles from Exit 8 of the New Jersey Turnpike (Interstate 95).

Strategic New Jersey location

Cadranell cited the property’s best-in-class status and location in one of the strongest performing logistics corridors in the U.S. He said in a prepared statement the combination of superior building specifications, strong tenant profile and strategic location provided an excellent lending opportunity.

The property’s location near the New Jersey Turnpike (I-95) provides access to major highways including Interstates 278, 78 and 287. It is also close to Newark Liberty International Airport and the Port of New York and New Jersey. Situated in western Monmouth County, Millstone 8 is the geographic midpoint between New York City and Philadelphia. More than 130 million consumers can be reached within one-day’s drive. Closer to home, there are more than 300,000 residents, with an average household income of $180,000 within a 10-mile radius of Millstone 8.

The Exit 8/8A industrial submarket has a 5.4 percent vacancy rate and has had 12.4 percent rent growth year-over-year since 2018, JLL reported. Statewide, the vacancy rate in the fourth quarter of 2025 was 6.5 percent, driven by strong Class A leasing, sustained flight-to-quality and decreased deliveries, according to the same source. Leasing volume in the New Jersey industrial market reached 11.3 million square feet in the fourth quarter. JLL reported it was the second consecutive year of exceeding 40 million square feet in annual leasing. Construction volume has dropped to its lowest level since 2019, with only 9.1 million square feet under construction in the state.