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ELIZABETH, NJ-AMB Property Corp. has acquired the 490,000-sf distribution facility located at 228 North Ave. here in a transaction arranged by Binswanger/Klatskin, Teterboro, NJ. Elizabeth Property LP, a local group, sold the building with an existing tenant, Federal Express Corp., in place.

For Binswanger/Klatskin, executive vice presidents Joel Lubin, Charles Fern, Robert Kossar and David Knee represented AMB. The sale price was not disclosed, however, an industry source estimates that the building traded for a number “in excess of $25 million.”

“We were able to come to an agreement that satisfied both the buyer’s and the seller’s requirements,” Lubin says. “We were able to close this transaction within 45 days, which is extremely fast considering the size.”

Located just off the New Jersey Turnpike, the complex includes 14 acres of paved and fenced-in land, also leased to FedEx. The asset is situated a short distance from the delivery company’s regional hub on the runway system of the adjacent Newark Liberty International Airport.

“This acquisition exemplifies our investment strategy,” says KC Swartzel, senior vice president of acquisitions for the San Francisco-based AMB. “We seek properties that cater to the air freight and logistics sector of the supply chain, specifically those properties that are located in close proximity to major cargo airports and seaports. This is just such a location.”

At last count, AMB owns and manages more than 1,100 properties totaling some 109 million sf in 38 markets in eight countries, according to Swartzel. Most of those are in infill submarkets of its targeted markets.

“Understanding AMB’s investment strategy, as well as reacting quickly to market information, were the keys to this transaction,” Knee says. It’s also the second deal B/K has done for AMB in New Jersey in just a matter of days, with the previous transaction being a disposition. As reported on GlobeSt.com last week, AMB sold the 147,000-sf industrial building at 400 Corporate Dr. in Mahwah, NJ to Campmor Inc., a retailer of outdoor gear. That sale price was similarly not disclosed, although industry sources put the number in the $8-million range.

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