Black Creek Group, a Denver-based real estate investment manager and sponsor of non-traded direct investment offerings, has expanded its New Jersey footprint with the purchase of three industrial buildings totaling 409,000 square feet, bringing the firm’s New Jersey industrial holdings to 2.8 million square feet.
The acquisitions include two core industrial buildings; a 177,000-square-foot, 98 percent leased functional Class B asset and a 76,000-square-foot, 100 percent leased Class A asset. The third purchase is a Class B value-add property totaling 156,000 square feet that the firm plans to renovate and transform into a Class A asset with a completion deadline in early 2020.
“The New Jersey industrial market continues to be one of the strongest in the nation boasting low vacancies, high net absorptions and increased rental rate growth,” said Dave Fazekas, Black Creek Group’s senior managing director for the Eastern Region. “With the market being so competitive, it was critical to move quickly on these attractive opportunities and that’s exactly what we did.”
Black Creek Group is a real estate investment management and development firm that manages investment offerings across the spectrum of commercial real estate – including office, industrial, retail and multifamily. The company’s investment programs include the Black Creek Diversified Property Fund, Black Creek Industrial REIT IV, and Industrial Property Trust. The firm said that it has purchased or built more than $19 billion of investments over its 25-year history.