The property was acquired from the seller, an investor group, in a trade orchestrated by brokers from Cushman & Wakefield's Metropolitan Area Capital Markets Group. The sale price was not disclosed, but sources in the market say the asset likely traded for a number in the $10 million range.
"The offer drew strong bidding competition, especially among institutional investors," says C&W's Jose Cruz, who handled the assignment with Macmg team members Andrew Merin, David Bernhaut and Gary Gabriel. "The seller saw a nice opportunity to capitalize on its investment at a time when limited industrial product is coming on line.
"At the same time, a lot of institutional players are underweighted in this product type," Cruz says. "ING has added a quality asset to its portfolio."
The just-traded asset sits on a 12-acre site a couple of miles from Exit 8A of the New Jersey Turnpike. The surrounding Exit 8A submarket is one of New Jersey top warehouse and distribution hubs, currently adding up to a total of more than 62 million sf of industrial space.
"The Exit 8A market has become a popular target for investment for the larger institutional players," Merin says. "Its central location in the Northeast distribution corridor is continuing to help the market cultivate an expanding tenant base, increasing rental rates in the process."
© 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.