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EAST RUTHERFORD, NJ–In one of the largest New Jersey industrial investment sales year-to-date in 2009, an 826,000-square-foot, fully leased portfolio changed hands recently. Cushman & Wakefield, Inc. arranged the transaction on behalf of TIAA-CREF Global Real Estate, which sold three properties located within the New Jersey Turnpike Exit 8A market to Boston-based Cabot Properties.

Andrew Merin, David Bernhaut, Gary Gabriel, Jose Cruz and Kevin O’Hearn of Cushman & Wakefield’s Metropolitan Area Capital Markets Group in East Rutherford, and industrial sales and leasing specialists Frank Caccavo, Jason Goldman and Andrew Siemsen, who are based at the firm’s Edison office, orchestrated the sale. C&W declined to release the sale price.

Situated on 53.4 acres, the portfolio includes three warehouse buildings–each 100% leased to a single tenant. Built between 1983 and 1990, the properties have been institutionally owned, well-maintained and offer features such as rail access, ESFR sprinkler systems, cross docking, heavy power, trailer parking and office space.

The largest, 329-333 Herrod Blvd. in South Brunswick, includes 418,213 square feet and is occupied by Wicked Fashions, Inc., a mid-tier apparel company. Staples occupies 21 S. Middlesex Ave. in Monroe Township, totaling 204,369 square feet, and the 203,404-square-foot 4 S. Middlesex Ave. in Monroe serves as home to third-party logistics firm Tyler Distribution Centers, Inc.

“This portfolio provides excellent stability, and Cabot took advantage of pricing significantly below replacement cost,” Bernhaut notes. “Interestingly, the company was responsible for assembling this portfolio in the late 1990s–so this purchase represents its second time as owner. Cabot already has seen, first hand, the value of these assets.”

The scope of the sale is significant in the current market. “We have seen relatively few industrial trades in New Jersey this year, which makes this transaction unique in terms of both type and size,” Merin says. “Beyond the quality and stability of these assets, their prime location was an important factor in positioning them for disposition.”

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