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FRANKLIN TWP., NJ-Invesco is selling two industrial buildings totaling 280,000 square feet to an unnamed buyer. The latter was described only as a real estate advisory firm based in Boston, and the sale was arranged by Cushman & Wakefield Inc.’s Metropolitan Area Capital Markets Group. The sale price was not disclosed, but industry sources place the figure in the $15-million range.

“The buyer took advantage of a great opportunity to acquire two centrally located, fully leased, highly functional industrial buildings with direct access to I-287,” says C&W’s Gary Gabriel, who orchestrated the deal with team members Andrew Merin, David Bernhaut and Jose Cruz. “The buildings– which originally were developed and owned by MetLife–have historically maintained near 100% occupancy. Invesco purchased them in 1997, and they have been a very good investment for them.”

The 157,244-square-foot 400 Pierce St. location is currently fully occupied by Pacon Manufacturing Corp., while the 120,705-square-foot 625 Pierce St. has reached full capacity with tenants Entertainment Transportation Specialists and Gren Automotive. Both buildings are capable of housing four tenants.

“[Interstate] 287 has become the preferred route for truckers as the toll-free loop road around New York City, providing a link from Staten Island through New Jersey and to New York with intersections to the East Coast’s primary thoroughfares,” Gabriel says, adding, “the Somerset County industrial submarket has achieved an occupancy rate of 94.8%.”

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