BGO Acquires Millstone 8 Logistics Park In Millstone Township From Crow Holdings For $270.4M

The transaction involved a Class A industrial property located at 505 New Jersey Highway 33 in Millstone Township, which was sold for $270.4 million. The asset encompasses 997,965 square feet, resulting in a price per square foot of approximately $271. The industrial property is fully leased to Logistics Plus and enjoys strategic accessibility to the New Jersey Turnpike and major highways, situated in a market with a 5.4% vacancy rate and notable rent growth.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $270,400,000
• Buyer: Sonny Kalsi - BGO
• Seller: Michael Levy - Crow Holdings
• Lender: Northwestern Mutual
• Mortgage Brokers: Jim Cadranell, Jon Mikula, John Cumming & Caleb Henry - JLL

BGO acquired Millstone 8 Logistics Park from Crow Holdings, facilitated by JLL Capital Markets. The financing arrangement included a 10-year loan amounting to $130 million, supporting the acquisition of this fully leased asset.