The team has completed more than $17 billion worth of transactions since 2000, closing on $1.2 billion in 2014.L a Packaging Inc in Monroe Township, NJ 08831. As a second generation of investors begins to move into the region, they will be well positioned to capitalize in strengthening market fundamentals.”īased in East Rutherford, 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, Pennsylvania, and Delaware. Today, low vacancy rates and virtually nonexistent available large blocks are combining with future supply constraints to push rental growth. “Bolstered by the market’s location half-way between New York City and Philadelphia – and resulting immediate access to 130 million consumers – the region has experienced positive net absorption averaging 1.5 million square feet over the past 14 years. The property was brought to 100 percent occupancy last year with a 611,000-square-foot, Cushman & Wakefield-brokered lease to Ozburn-Hessey Logistics. The structures feature 36-foot clear heights, 145- and 130-foot truck courts, ample parking and trailer storage, and ESFR sprinkler systems. “We conducted 25 tours and entertained significant bidding interest, reflecting investor strong appetite for one of New Jersey’s most sought-after industrial submarkets.”Īccording to Schmidt, the 1 & 7 Costco Drive offering represented an opportunity to acquire two fully leased, best-in-class industrial buildings in New Jersey’s highly desirable 8A market. “This transaction is the first widely marketed sale at Exit 8A in some time,” noted Gary Gabriel of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, who headed the assignment with team members Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and industrial specialist Jules Nissim. Constructed in 2007, the 1.2 million-square-foot, warehouse/distribution asset sits in the heart of the New Jersey Turnpike Exit 8A industrial market. On Apr 1, 2015Ĭushman & Wakefield orchestrates the trade of 1 & 7 Costco Drive in Monroe Township, from Principal Real Estate Investors to Heitman LLC. Cushman & Wakefield Brokers Sale of 1 & 7 Costco Drive in Monroe Twp.
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