ASB-Cohen JV Acquires Middlesex Logistics Center in Edison, NJ for $83M
"Industrial product like this in and around the Exit 10 submarket is in high demand,” says HFF's Jon Mikula.
EDISON, NJ—A joint venture of Bethesda, MD-based ASB Real Estate Investments and Los Angeles, CA-based Cohen Asset Management has acquired Middlesex Logistics Center, a fully leased, class A, 570,000-square-foot warehouse and distribution center at 549 Mill Road in Edison, NJ, from JP Morgan Asset Management for $83 million, or about $146 per square foot. The seller’s identity and transaction value were reported by Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions.
A Holliday Fenoglio Fowler team that included senior managing director Jon Mikula and analyst Andrew Zilenziger arranged $41.5 million in acquisition financing for Cohen Asset Management, and placed the 10-year, fixed-rate loan with Principal Real Estate Investors.
“We were thrilled to assist Cohen Asset Management in its acquisition of Middlesex Logistics Center,” Mikula says. “Our history with the project goes back to 2014, and, since then, industrial product like this in and around the Exit 10 submarket is in high demand.”
Completed in 2014, the fully leased building features 36-foot clear heights, 101 loading docks and parking for 190 cars and 135 trailers. The property is about 35 miles southwest of New York City and 25 miles from the Port of Newark-Elizabeth. HFF arranged the original capital structure for the development in 2014.