Cushman & Wakefield Orchestrates Avenel, N.J., Industrial Trade
Five-Building, 329,000-Sq.-Ft. Portfolio Draws Strong Interest, Sells for $29M.
- Newark, NJ (1888PressRelease) March 15, 2014 - Cushman & Wakefield's Metropolitan Area Capital Markets Group has orchestrated the $29 million trade of five industrial buildings in Avenel, N.J. TA Associates purchased the portfolio, totaling 329,000 square feet.
According to Cushman & Wakefield's David Bernhaut, who headed the assignment with team members Andrew Merin, Gary Gabriel and Kyle Schmidt, the offering presented an opportunity to acquire fully leased, well-located industrial product in the heart of the New Jersey port industrial market. As a core asset, it drew significant interest from a mix of private local operators, institutions and REITS.
"Being in and around Port Newark/Elizabeth is huge," Schmidt said. "With container volumes expected to double over the next 10 years and increase five-fold over the next 30 years, warehouse space is in extraordinarily high demand from users and investors alike. This portfolio is located less than two miles off Exit 12 of the Turnpike, just 20 minutes from the port and Newark Liberty International Airport, and 25 miles from Midtown Manhattan."
Bernhaut added that this central positioning and proximity to New Jersey's integral highway network positions the portfolio to maintain its high occupancy and to benefit from a strengthening distribution market. "One-third of the nation's population - more than 130 million consumers - is located within a one-day drive-time from these buildings," he said.
Based in East Rutherford, N.J., Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut and Pennsylvania. The team has completed more than $17 billion worth of transactions since 2000, closing on $1.5 billion in 2013.
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