The terms of the sale, including the price, were not disclosed, with the parties involved only referring to it as "a multi-million-dollar transaction." C&W represented both Sony and ProLogis, which has recently been on an aggressive buying spree, both in the US and in Europe.

The asset was originally developed as a built-to-suit for Sony by Matrix Development Group, and Sony subsequently held both a controlling interest in the building's ownership and a long-term lease for the entire property. It went on the market last fall, first as a sublease offering, but shortly thereafter Sony acquired 100% of the building and shifted the focus of the assignment to a disposition.

"Sony had already decided to consolidate its Monroe Twp. operation into its other existing distribution sites," according to Sarno. "The opportunity for us to help them sell the building, with no further lease obligation on their part, made it a far more attractive scenario."

The assignment to move the asset took less than six months to complete, according to Caccavo. The building's location in the New Jersey Turnpike Exit 8A market, which has seen a flood of activity in the last several weeks, "was the key to its marketability," he says. "Despite the amount of brand new space in the Exit 8A market, the property attracted a great deal of attention from potential investors."

The now-former Sony property sits on a 37-acre site with rail access, according to Caccavo. "It also offers expansion potential, which made it an ideal investment for a developer like ProLogis."

The Aurora, CO-based ProLogis, of course, is a provider of distribution facilities and services, with more than 1,700 facilities owned, managed or under development around the world. The company is said to be currently considering a number of options for the building's future use.