"This was a unique opportunity that drew solid interest," said Gabriel. "The transaction evidences the fact that investors are willing to accept large single-asset/
"The result, in this instance, is the largest leased industrial property sale in New Jersey, in at least a dozen years," he said.
Situated on 73 acres at Exit 8A of the New Jersey Turnpike (I-95), the Barnes & Noble Distribution Center was constructed in 2005. Located approximately 35 minutes from the Port of Newark/Elizabeth, the property can accommodate an expansion of up to 100,800 square feet.
"The tenant, whose lease runs through 2020, invested approximately $100 million into the building," Merin added. "With its high ceilings, amenities and infrastructure, it is fully configured for e-commerce fulfillment, which is what the world is looking for today."
From the site, Barnes & Noble distributes books, electronics, toys and games to more than 700 stores nationwide, and to e-commerce customers internationally. Fully air-conditioned, it features 39-foot clear ceilings, 115 loading doors, a full-service cafeteria, and a fitness center for the 800 on-site employees.