Taconic Partners Buys New Jersey Facility for $74M
Taconic Partners has expanded in the North Brunswick, N.J., area with the acquisition of a 360,000-square-foot industrial facility for $74.3 million. The New York-based real estate developer used a $46.6 million loan from J.P. Morgan to finance the deal. The seller was a private owner, according to CommercialEdge data.
The building is the developer’s second industrial acquisition in the New Jersey market. Located at 1735 Jersey Ave., the Class B facility sits on 17 acres right off the New Jersey Turnpike near exit 9. Property features include high ceilings, multiple loading positions, quick rail access and an outdoor storage place. Plans also call for a rooftop photovoltaic system, according to Taconic.
Other well-known tenants at the facility include Kamps Inc., which handles pallet manufacturing and distribution, as well as Luxe Living Design, which deals in high-end furniture renting. Situated within the central Jersey, the asset provides easy access to the tri-state area, while benefitting from strong tenant demand and low vacancy for Class B industrial product. The market’s significant leasing activity is driven by a large labor pool, proximity to the port and access to one-third of the U.S. population within a day’s drive.
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A JLL investment sales team featuring Jordan Avanzato, managing director; Marc Duval, senior managing director; Nicholas Stefans, senior director; and Jason Lundy, director brokered the acquisition of the facility. A JLL Capital Markets team including Evan Pariser, senior managing director, and Aaron Niedermayer, senior managing director, arranged the financing.
In a recent deal, Taconic sold International Plaza II, a 388,000-square-foot office tower in the Dallas-Fort Worth area, to Shorenstein. After acquiring the mostly vacant 15-story building in 2018, the company invested approximately $26 million in renovations, bringing the property’s occupancy to 93 percent at the time of sale.
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