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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 25 Issue 2 Feb. 22 - March 14, 2013

1.15m s/f Central NJ facility sold to CenterPoint Properties Cushman & Wakefield arranges $83m sale of Barnes & Noble distribution ctr.

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Contributing Columnist Anthony J. Nitti - CPA, MST

ONROE TWP., NJ — Commercial real estate services firm

Cushman & Wakefield, Inc. has orchestrated the $83 million sale of bookseller Barnes & Noble’s primary distribution center, a class A industrial facility totaling 1,145,000 s/f in Monroe Twp., NJ. The seller, a pension fund advisory firm, was rep- resented by Andrew Merin , Gary Gabriel , David Ber- nhaut and Brian Whitmer of Cushman & Wakefield’s Metropolitan Area Capital Markets Group. The buyer, CenterPoint Properties , was also procured by Cush- man & Wakefield. “This was a unique opportu- nity that drew solid interest,” said Gabriel. “The transaction evidences the fact that inves- tors are willing to accept large single-asset/tenant exposure to industrial in New Jersey. While the typical “one-off” industrial sale is in the $8-25 million range, it is far more

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Barnes & Noble’s primary distribution center, Monroe Twp., NJ

efficient to take down a single asset of this size to increase allocations to the sector. “The result, in this instance, is the largest leased industrial property sale in New Jersey, in at least a dozen years,” he said. Situated on 73 acres at Exit 8A of the New Jersey Turnpike (I-95), the Barnes & Noble Distribution Center was constructed in 2005. Lo-

cated approximately 35 min- utes from the Port of Newark/ Elizabeth, the property can accommodate an expansion of up to 100,800 s/f. “The tenant, whose lease runs through 2020, invested approximately $100 million into the building,” Merin added. “With its high ceilings, amenities and infrastructure, it is fully configured for e- commerce fulfillment, which

the seller. “There was tremendous investor interest in this as- set because of the location, the opportunity to add value through a capital improve- ment program and the po- tential to increase rents,” says Wellar. “The transaction involved the assumption of an exist- ing CMBS loan, which made buyer selection critical,” adds Lonberger. “The investor is a well-established local owner with experience assuming complex mortgages. The new owner sees terrific upside in repositioning the property,” continues Lonberger. “The sale was an exercise in patience- and trust-build- ing between the buyer and seller,” Lonberger concludes. “It didn’t happen overnight, as the assumption took some time, but both parties worked steadily towards successful settlement.” ■ is what the world is looking for today.” From the site, Barnes & Noble distributes books, elec- tronics, toys and games to more than 700 stores nation- wide, and to e-commerce cus- tomers internationally. Fully air-conditioned, it features 39- foot clear ceilings, 115 loading doors, a full-service cafeteria, and a fitness center for the 800 on-site employees. ■

Shopping Centers Spotlight

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Wellar & Lonberger of Marcus & Millichap arranges $9.7m multifamily sale

Commercial Office Spotlight featuring:

PHILADELPHIA, PA — Marcus & Millichap Real Estate Investment Servic- es , the nation’s largest real estate investment services firm, has announced the sale of 7400 Roosevelt Boulevard, a 196-unit apartment prop- erty located near the inter-

Section B

Directory

Owners, Developers & Managers.... 5-11A Shopping Centers ..................... 13-26A Green Buildings ........................ 27-31A Calendar of Events......................... 36A Comm’l. Office Props. Spotlight ....Section B

7400 Roosevelt Boulevard, Philadelphia, PA

section of Cottman Avenue and Roosevelt Boulevard in northeast Philadelphia, ac- cording to Spencer Yablon , vice president and regional manager of the firm’s Phila- delphia office. The asset commanded a sales price of $9,704,500 which translates

to $49,513 per unit. Ken Wellar and Corey Lonberger , investment specialists in Marcus & Mil- lichap’s Philadelphia office, had the exclusive listing to market the property for sale. Wellar and Lonberger also procured and represented

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