EDISON, NJ–HFF closed the saleof and secured acquisition financing for One Truman DriveSouth, a 369,313-square-foot industrial warehouse facilityin Edison, NJ. The firm did not disclose the transactionamount, but an industry participant familiar with the transactiontells GlobeSt.com exclusively that it pricedat about $63-64 per square foot, or just under $24 million.
HFF marketed the property for the seller,IC/L-A One Truman Drive LLC, wholly owned byaffiliates of Lubert-Adler Partners. Cohen Asset Management, Inc. and institutionalinvestors advised by J.P. Morgan Asset Management – GlobalReal Assets purchased the property free and clear ofexisting debt. The new owners also retainedHFF to secure the fixed-rate loan throughPrincipal Real Estate Investors.
This was CAM's second major acquisition in NewJersey since acquiring the Avidan IndustrialPortfolio in 2012, also arranged by HFFand the largest industrial transaction in New Jersey that year.
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