Turnbridge Pays $92M for New Jersey Industrial Asset
Turnbridge Equities has purchased a 17.9-acre industrial property at 169 Pulaski St. in Bayonne, N.J., from Waitex International. The property changed hands for $91.5 million, according to Traded. In addition, the buyer financed the purchase with a $80.3 million loan in a deal arranged by JLL.
The asset comprises three industrial buildings totaling 613,000 square feet and some 2.2 acres of industrial outdoor storage space. The complex has 48 loading docks, ceiling heights up to 28 feet and parking for more than 225 trailers.
Waitex has owned the property for over 21 years and currently occupies 90 percent of its leasable space. The firm intends to sign short-term leasebacks while the new owner implements a value-add strategy.
New York City, New Jersey port facilities, major highways and Newark Liberty International Airport are easily reachable from the location, and the Global Container Terminal Bayonne is less than 1 mile away.
The campus is also 2 miles from Togus Urban Renewal’s 1888 Studios development. The $1 billion project will span 1.5 million square feet and should be completed next year.
New Jersey ranks first for industrial sales
At the end of the first quarter, New Jersey recorded the largest industrial sales volume in the U.S. at $832 million, according to a recent CommercialEdge report. Assets in the market traded for an average of $256 per square foot.
The market’s largest transaction of the quarter involved a 600,000-square-foot asset in South Brunswick, N.J. Prologis paid $166.8 million for that property.
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