Morgan Stanley & Saxum Real Estate Acquire $217.5M Industrial Portfolio In East Hanover

Morgan Stanley Real Estate Investing and Saxum Real Estate have acquired a 1.2 million square-foot light industrial portfolio in East Hanover for $217.5 million. The properties, located in northern New Jersey, consist of 901 Murray Road, 903-906 Murray Road, 601 Murray Road, and 151 Ridgedale Avenue. These fully occupied properties have an average clear height of 21 feet and offer 945 parking spaces.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $217,500,000
• Square Footage: 1,200,000
• Price per Square Foot: $181
• Address: 901 Murray Road, 903-906 Murray Road, 601 Murray Road & 151 Ridgedale Avenue
• Market: East Hanover

The acquisition was made by Morgan Stanley Real Estate Investing, represented by Olivier de Poulpiquet, and Saxum Real Estate, represented by Anthony Rinaldi. The deal was facilitated by brokers Austin Pierce, Jason Lundy, Jordan Avanzato, Jose Cruz, Marc Duval, and Nick Stefans from JLL.