Singapore’s Mapletree Investments stays one of many greatest movers and shakers within the industrial actual property house.
The funding and growth agency acquired a 97-acre growth web site in Manalapan, New Jersey for roughly $100 million, the Industrial Observer reported. The vendor of the location at 370 Smithburg Highway was not disclosed.
JLL’s Paul Torosian and Larry Maister represented the vendor.
Earlier than particulars of the transaction had been revealed, Mapletree introduced plans to develop a 953,000-square-foot logistics facility on the location. There might be two warehouses and lodging for 366 automotive parking areas, 141 trailer areas and 172 dock doorways.
Development is anticipated to be wrapped by the primary quarter of 2028.
Mapletree already owns or manages greater than 66 million sq. ft of business house in the USA, together with 1.5 million sq. ft in New Jersey and Pennsylvania. The corporate’s been promoting belongings over the past yr.
The investor and developer has bought practically $1.3 billion value of U.S. warehouse properties since June. The sale of a 1.4 million-square-foot portfolio to Dallas-based Dalfen Industrial earlier within the spring marked its fifth divestment in that interval; Dalfen paid $207.5 million, or $150 per sq. foot, for the 19-property portfolio.
In 2019, Mapletree, which additionally owns mixed-use and office properties, made a push within the U.S. and European logistics sector with a $1.8 billion fund.
Final yr, Mapletree and CapitaLand Funding had been purportedly contemplating merging right into a single agency, which might create one of many prime Asia-Pacific property corporations with greater than $150 billion in belongings below its purview. It’s unclear if any progress has been made in these talks.
Elsewhere in New Jersey, world logistics agency Maersk just lately signed a lease for 233,000 sq. ft of business house at 200 Linden Logistics Method in Linden, bringing the Linden Logistics Middle — sponsored by PGIM Actual Property, Advance Realty Traders and Greek Actual Property Companions — to 91 % leased.
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Dalfen pays $208M for Mapletree Investments’ industrial portfolio
Singapore real estate asset managers mull merger into $150B giant
Logistics giant signs 233K sf lease in New Jersey
