Longpoint Adds 445,000 sq. ft. Montville Industrial Portfolio in Deal with First Industrial
Longpoint Partners LP has acquired more than 445,000 square feet of industrial space in Montville, one of at least two major additions recently to the firm’s holdings in New Jersey.
The seller, First Industrial Realty Partners, alluded to the deal last month during its second-quarter earnings call. A subsequent report by CoStar identified Boston-based Longpoint as the buyer of what’s called Montville Industrial Park, which comprises seven buildings just off Route 46.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema brokered the trade of the 445,078-square-foot portfolio. A recent LinkedIn post by the firm noted that the buildings are 99 percent occupied by 52 tenants, with a weighted average lease term of less than 2.9 years.
News of the deal follows Longpoint’s acquisition of a 13-building, 506,723-square-foot portfolio in Totowa in June, in a separate deal arranged by the Cushman team. The brokers noted that the shallow-bay industrial properties have a combined 50 tenants and include sites on Commerce Way, Center Court and Riverview Drive.
Heritage Capital Group was the seller.