Follow on Google News News By Tag Industry News News By Place Country(s) Industry News
Follow on Google News | Two N.J. Industrial Assets Trade in C&W-Brokered SalePrincipal Real Estate Investors Acquires 1000 Corporate/571 Jersey Ave.
Totaling 458,000 square feet, both buildings are long-term leased to single tenants at below market rates. The 156,000-square- "New Jersey is one of the most sought-after industrial markets in the country by tenants and investors alike, which made it no surprise that this offering generated lots of activity," noted Cushman & Wakefield's Gary Gabriel, who headed the assignment with Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut, Brian Whitmer and Kyle Schmidt. "Pricing significantly below replacement cost and predictable cash flows added to the buildings' appeal." Gabriel noted that the Wenner Bread fit-out, which is ongoing, added a layer of complexity to negotiating the sale. "The timing and scope of the project required flexibility on the part of the investment community," he said. "Principal Real Estate Investors did a great job navigating the process." Both 1000 Corporate Road and 571 Jersey Avenue offer critical accessibility to New Jersey's highway network, port facilities, rail, 23.4 million New York Metro Area consumers and the region's dense labor pool. "These buildings occupy ideal infill locations that ensure long-term tenant desirability," Based in East Rutherford, New Jersey, Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut, Pennsylvania, and Delaware. The team has completed more than $17 billion worth of transactions since 2000, closing on $1.5 billion in 2013. End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|