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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.

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