CREI & Kadima sell 840,000 s/f New Jersey industrial portfolio
Ryan Cottone & Jose Cruz of JLL advise sellers on sale
NEW JERSEY — Corebridge Real Estate Investors (CREI) and Kadima Industrial Partners (Kadima) announced the sale of a 12-property, 840,000 s/f infill industrial portfolio in New Jersey to L&B Realty Advisors. The portfolio was 97% leased at the time of the sale, and JLL advised CREI and Kadima on the sale.
The transaction marks the successful completion of a multi-year strategy by CREI and Kadima to assemble and upgrade an infill industrial portfolio across New Jersey’s tightest logistics markets. The venture was able to execute on the business plan by building institutional scale in a fragmented sector and executing a disciplined leasing plan.
“This realization of our business plan reflects the significant value achieved through disciplined acquisitions and active asset management,” said Marianne Ganster, managing director and head of U.S. Asset Management at Corebridge Real Estate Investors. “By capturing strong mark-to-market leasing opportunities, we delivered an attractive outcome while positioning the portfolio for continued growth under its new ownership.”
“We are proud to have assembled this 12-asset portfolio 100% off-market over the past four years through our proactive acquisitions platform,” said Aaron Malitzky, president at Kadima. “We remain extremely bullish on shallow-and-mid-bay opportunities in the region and wish the new owners continued success on the highly functional assets that they acquired.”
“We continue to see strong demand from investors for well-located, shallow-bay industrial product,” said Ryan Cottone, director at JLL. “This portfolio provided the buyer with an attractive opportunity to acquire critical mass in well-established locations throughout southern New Jersey.”
Jose Cruz, senior managing director at JLL adds, “It was a true team effort from everyone involved to make this spectacular deal come to fruition. We are thankful for the partnership’s faith in our ability to execute the transaction.”
Spread across premium, supply-constrained corridors in Burlington, Camden, Gloucester, and Passaic Counties, the portfolio features warehouse and industrial flex properties and benefits from immediate access to major transportation infrastructure and dense population centers. Currently leased to a highly diversified roster of logistics, manufacturing, and business service tenants, the portfolio offers stable, immediate cash flow alongside long-term growth potential.
