Cushman & Wakefield Arranges $22.5 Million Industrial Sale
Terreno Realty is the new Owner of the 413,092-square-foot 130 Interstate Blvd.
- Newark, NJ (1888PressRelease) October 06, 2010 - Commercial real estate firm Cushman & Wakefield Inc.'s Metropolitan Area Capital Markets Group has arranged the $22.5 million sale of 130 Interstate Boulevard, a 413,092-square-foot bulk warehouse/distribution facility. Cushman & Wakefield represented the seller, a joint venture between IDI and institutional investors advised by J.P. Morgan Asset Management, and procured the buyer, Terreno Realty Corporation (NYSE: TRNO) of San Francisco. The buyer used cash on hand to complete the transaction.
Located just off New Jersey Turnpike Exit 8A in Central New Jersey's Middlesex County, 130 Interstate Boulevard is currently fully leased to Home Depot. The property is situated within one of the country's premier logistics hubs and is approximately 28 miles from the Ports of Newark and Elizabeth.
Constructed by IDI in 1999 for Circuit City, 130 Interstate Boulevard occupies 25.33 acres within Middlesex Center, a five-building master-planned development totaling 3,654,200 square feet. The asset includes parking for 200 cars, 28-foot ceiling heights, and a built-out office component of 13,000 square feet.
"After 24 months of an incredibly supply-constrained market for industrial investment sales, the end of the third quarter of 2010 started to show signs of life. The sale of 130 Interstate in the 8A market is an example of the trend toward increasing volume in the sector," said Cushman & Wakefield executive vice president Gary Gabriel, who teamed with Paul Torosian, and partners Andrew Merin and David Bernhaut to conclude the transaction. "There has been an incredible supply/demand imbalance for industrial investment product since 2008."
"We are gratified that long-time clients were able to recognize the dynamics of the market," Gabriel added.
The Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $13.8 billion worth of transactions since 2000. Merin and Bernhaut, who co-founded and head the Metropolitan Area Capital Markets Group, also oversee eastern regional activities for a new Cushman & Wakefield group that advises clients on corporate property dispositions throughout the United States.
About J.P. Morgan Asset Management - Global Real Assets:
J.P. Morgan Asset Management - Global Real Assets has approximately $44.3 billion in real estate and infrastructure assets under management, as of June 30, 2010. With a 40-year history of successful investing and a staff of 362 professionals, J.P. Morgan Asset Management - Global Real Assets identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients. J.P. Morgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets.
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