Invesco Pays $55M for New Jersey Industrial Asset
A third-party logistics company is the sole tenant.
Invesco Real Estate has purchased 152 Ridge Road, a 216,000-square-foot industrial building in South Brunswick Township, N.J. The asset traded for $55 million, according to public records.
The property last traded in 2018 when Jay Franco & Sons sold it for $22 million, according to CommercialEdge data.
Built in 1991, the warehouse and distribution facility features 33 loading doors, 30-foot clear heights, insulated ceilings, ESFR fire sprinklers, solar panels and approximately 125 parking spaces.
At the time of the sale, the building was fully leased to Five Star Warehouse, a third-party logistics company.
JLL Capital Markets brokered the transaction, with Managing Directors Jordan Avanzato and Marc Duval, Directors Nicholas Stefans and Jason Lundy, Senior Managing Director Jose Cruz and Associate Conor Walsh leading the JLL team.
Located in the New Jersey’s Cranbury submarket, 152 Ridge Road is close to Interstate 95, which allows easy access to the Philadelphia and New York City metropolitan areas.
New Jersey ranked fourth for industrial transactions nationwide last year, according to a recent CommercialEdge report. A total of $2.7 billion was generated, with assets trading at $218 per square foot on average, significantly above the nation’s $129.
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