(Read more on the industrial market.)

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WOODBRIDGE, NJ-Pantheon Properties has acquired 1500 RahwayAve., a 325,000-sf industrial building in the Avenel section ofthis Middlesex County township. The seller was WoodbridgeEnterprises LP, a local group. The sale price was notdisclosed.

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For the New York City-based Pantheon, the pick-up is a value-addplay. While much of the existing building is leased to shippinggiant Maersk's Hudd Distribution Services division, the facility isexpandable to 500,000 sf either as an extension of the currentfacility or a new separate building.

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"In the midst of uncertainty in the credit markets, we had theresources to close on a property of outstanding value," saysPantheon founder and CEO Ken Cohen. "This building represents aterrific opportunity to realize the full potential of theproperty."

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The deal also represents the second acquisition for Pantheonunder the joint venture the company completed in 2007 withPrincipal Real Estate Investors to target $400 million invalue-added industrial/flex properties in the Northeast andMid-Atlantic regions. In October, Pantheon bought a four-buildingindustrial and office campus in North Brunswick from VertisCommunications.

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Altogether, the property totals just less than 27 acres. Theexisting building, which has 32-foot clear ceilings and a 20,000-sfoffice component, sits on approximately 15 acres. The remainingacreage is available for vehicle parking or new buildingdevelopment, potentially including retail. The site is located justoff Exit 12 of the New Jersey Turnpike.

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The sale was orchestrated by Jeffrey Dunne, Jeffrey Oram andKevin Welsh of CB Richard Ellis' New York Institutional Group, incollaboration with Mindy Lissner of CBRE's East Brunswick office.The trio represented the seller, procured the buyer, and workedwith Guardian Life Insurance Co. of America on the assumption of anexisting loan on the asset.

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