Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SOUTH BRUNSWICK, NJ-The 212,335-sf–net rentable–Home Depot distribution warehouse at Exit 8A of the NJ Turnpike here has been sold by Long Ridge Industrial Portfolio LP. Buyer Cobalt Capital Partners of Dallas picked up the asset for $13.3 million, which factors out to $62.64 per sf.

“Despite the challenging capital market conditions, we were able to generate a very intense level of competition with 16 offers from a broad range of buyers,” says Bill Tourtellotte, SVP of the Newtown Square, PA-based GMH Capital Partners, who arranged the sale for Long Ridge. “Interestingly, while higher pricing levels were indicated from our marketing process, this buyer was selected because of their capabilities for a streamlined and time-sensitive execution.

“This was critical for the seller in this instance,” Tourtellotte says. “Cobalt did a fabulous job of living up to the expectation. The top buyers in the mix understood and embraced the unique nature of this facility and its value to heavy materials users in a highly accessible market area.”

The building was fully occupied by Home Depot at the time of sale. The home improvement chain, which uses the site as a lumber and heavy materials logistics operation serving regional stores, has been in the building for 15 years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.