CBRE today announced it has completed the sale of a six-building industrial portfolio at the Freehold Business Park in Freehold, NJ. MT Freehold BPD, LLC acquired the assets from Asbury Avenue Partners, LLC for $15.2 million. In addition to the six warehouse buildings totaling 90,677 sq. ft., the portfolio sale includes 100 Business Park Drive, a roughly one-acre lot that is suitable for the development of another 13,750 sq. ft. industrial property.
The CBRE Investment Properties team of Charles Berger, Elli Klapper, Mark Silverman and Jeremy Wernick collaborated with Lou Belfer and Scott Belfer of CBRE’s Transaction & Advisory Group in representing the seller.
“The sale of the properties within the Freehold Business Park represents the sixth transaction our team
has completed in Freehold over the past few years, demonstrating the area’s status as a premier industrial submarket in Central New Jersey,” said Mr. Berger. “In fact, industrial real estate is now on par with the multifamily sector as one of the most highly coveted asset classes within commercial real estate, with both still trading at aggressive cap rates.”
Located at 1 Business Park Drive, Freehold Business Park sits on 14.27 acres of land. The industrial complex was built in 2007 and renovated in 2021 to meet the demands of users for high-quality industrial space in one of the tightest markets in the nation.
The complex is situated near Route 33, Route 18, Route 9, I-95 (NJ Turnpike), and the Garden State Parkway. Tenants at the park consist of a wide range of users, which offered a diversified investment for the buyer. The acquisition also offered new ownership a tremendous opportunity for long-term rent