(To read more on the industrial market, click here.)
CRANBURY, NJ-First Industrial Realty Trust has acquired 258Prospect Plains Rd., an 886,826-sf industrial building here, fromStratREAL. The sale price was not disclosed, but industry sourceswith knowledge of the transaction put the number in the $90-millionrange, which factors out to approximately $101.50 per sf.
"This is among the highest quality industrial properties thatour group has sold," says Andrew Merin of Cushman & Wakefield'sMetropolitan Area Capital Markets Group of East Rutherford, whoorchestrated the deal along with C&W colleagues David Bernhaut,Gary Gabriel and Jose Cruz. "Having a long-term, full-buildingtenant made this an outstanding opportunity in a market that hasfew strong industrial investment opportunities right now."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
