Middlesex Logistics Center, 549 Mill Road in Edison, NJ
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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
