"The buyer took advantage of a great opportunity to acquire twocentrally located, fully leased, highly functional industrialbuildings with direct access to I-287," says C&W's GaryGabriel, who orchestrated the deal with team members Andrew Merin,David Bernhaut and Jose Cruz. "The buildings-- which originallywere developed and owned by MetLife--have historically maintainednear 100% occupancy. Invesco purchased them in 1997, and they havebeen a very good investment for them."


The 157,244-square-foot 400 Pierce St. location is currentlyfully occupied by Pacon Manufacturing Corp., while the120,705-square-foot 625 Pierce St. has reached full capacity withtenants Entertainment Transportation Specialists and GrenAutomotive. Both buildings are capable of housing four tenants.


"[Interstate] 287 has become the preferred route for truckers asthe toll-free loop road around New York City, providing a link fromStaten Island through New Jersey and to New York with intersectionsto the East Coast's primary thoroughfares," Gabriel says, adding,"the Somerset County industrial submarket has achieved an occupancyrate of 94.8%."

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