Listen to this articleGenesis purchased a 5-acre industrial outdoor storage (IOS) facility in Dayton for $5.7 million.
CBRE arranged the transaction for 3 Wheeling Road. The firm announced the deal for the 7,100-square-foot property Nov. 13. The private seller was not disclosed.
According to CBRE, the transaction marks the second acquisition private investment group Genesis has made through the commercial real estate services and investment firm.
A CBRE team of First Vice President Mark Silverman, Executive Vice President Elli Klapper, Associate Liam McGregor and Senior Vice President Mark Trevisan marketed the property on behalf of the seller and represented Genesis in the deal.
The Wheeling Road site offers a strategic location with easy access to major highways and distribution corridors, such as Interstate 95. The property comprises a small warehouse/service facility in addition to 3.5 acres of usable outdoor storage.
Limited supply and persistent demand abound in the IOS space.
According to Silverman, “the market segment has expanded substantially over the past few years with investors clamoring for acquisition opportunities.”
“Navigating this sale required a strategic approach and close coordination with all parties involved,” he said of the latest Genesis transaction.
“The CBRE team could not be happier for Genesis’s second acquisition with us,” noted Trevisan. “This site will be a great addition to their portfolio in one of the most institutional markets of New Jersey.”
Middlesex County has recorded several outdoor storage deals this year, including a $33 million sale for a nearly 9-acre plot announced in January. Last month, CBRE announced its first collaboration with Genesis. At that time, the buyer acquired a site with almost 5 useable acres in nearby Monmouth County.
