Manhattan Products was represented by Alan Weisman of Grubb & Ellis' New York City office. Robert Kossar of Binswanger/Klatskin, Teterboro, NJ, represented Baker. They buyer and seller declined to disclose the terms of the transaction.
"Our investment in this asset in the Meadowlands submarket fits in well with our strategy to acquire industrial properties in key markets in New Jersey that we believe will benefit from appreciation in the long term," says David Iacobucci, division manager of Baker Properties' new South Brunswick, NJ office. The company is based in Pleasantville, NY.
The pick-up is Baker's third in the Garden State in the past 18 months, boosting its holdings in New Jersey to approximately 1.5 million sf. "We plan to continue to aggressively pursue industrial acquisitions including development and redevelopment opportunities in the state," Iacobucci adds.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.