S hopping C enters C entral NJ S potlight
M id A tlantic Real Estate Journal — Central NJ — February 18 - March 17, 2022 — 5B
www.marej.com
S CBRE Investment Properties team inks $30.75M acquisition of 15-acres in Somerset CBRE’s Institutional PropertiesGrouphandles $261M sale of Sanofi’s North American HQ in Bridgewater
OMERSET COUNTY, NJ — CBRE completed two separate transac- tions in Somerset County, NJ. CBRE announced that Jef- frey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE’s In- stitutional Properties group, in partnership with CBRE’s Michael Monahan , repre- sented American Finance Trust in the $260.65 mil- lion sale of 55 Corporate Dr. in Bridgewater. The CBRE team was also responsible for procuring the buyer, AVG Partners . Totaling 675,000 s/f, 55 Corporate Dr. currently serves as the North American head- quarters for Sanofi which has a lease in place through De- cember 31, 2032. This is the largest single tenant transac- tion in New Jersey since 2016 and marks CBRE’s third sale in excess of $200 million in New Jersey since the begin- ning of 2021. CBRE vice chairman, Jef- frey Dunne said, “We pride ourselves on executing not
55 Corporate Dr. in Bridgewater
200 Cottontail Lane in Somerset
market,” added Neuer, execu- tive vice president, CBRE. In Somerset, CBRE has an- nounced that they arranged the $30.75 million acquisition of 15-acres of prime indus- trial development land at 200 Cottontail Ln. for an undis- closed buyer. The property was purchased with the intent of repositioning the existing 209,000 s/f office building and constructing a brand new, state-of-the-art warehouse distribution center by their client, the new owner. The CBRE Investment Properties team of Mark
only the largest and most complex transactions in the market, but more importantly, providing our clients with thoughtful advice on timing and execution. This closing helps American Finance Trust realize the goal of rebalancing its portfolio as this was the largest single owned asset.” “The quality of the building, the amenities, and the work- place environment along with the creditworthiness of Sanofi attracted a deep buyer pool. Capital clearly understands that trophy buildings will con- tinue to be in demand in our
man. “There continues to be significant interest in indus- trial repositioning due to the supply chain pipeline issues being seen worldwide and lack of developable industrial land in New Jersey. We had to move quickly to secure this property for our client, who is excited to develop a high-quality ware- house facility in an extremely tight industrial market.” Built in 1986, 200 Cottontail Lane is a multi-story office building that had seen a spike in vacancy levels over recent years, exacerbated by the COVID-19 pandemic. MAREJ
Silverman, Elli Klapper, Charles Berger and Jeremy Wernick , in conjunction with Kevin Dudley of CBRE’s Industrial & Logistics Group, secured the acquisition on behalf of the buyer. “Our client’s focus on invest- ing in logistics assets in key development markets across the U.S. has helped them amass a development pipeline of more than $5.6 billion and over 3,000 properties. This is one of the numerous off-market deals we have been involved in in the Somerset area in the past few years,” said Silver-
David Blitt, senior vice president represents the buyer and the seller, WLL Realty, in the transaction Bussel Realty Corporation represents REDCOM Design & Construction in purchase of 608-612 North Ave. in Westfield
207,192 s/f industrial property. BRC senior VP Jordan Metz , investment special- ist Anthony Rittwager and vice president of marketing Nicholas Spadavecchia will spearhead marketing the prop- erty, which has 101,546 s/f of industrial space available for lease with occupancy in July 2022. An additional ±100,000 s/f of new construction is also being planned for the site. “1100 Randolph Road offers a great opportunity for mid- size and large users seeking a location with proximity to I-287 and the New Jersey Tpke.,” said Metz. “The property offers 27-foot high ceilings, 10,696 s/f offices, 8,000 amps of electric power, wet sprinklers and
ample parking.” About Bussel Realty Corp. With one of the largest dedi- cated industrial brokerage staffs in New Jersey, Bussel Realty Corp. (BRC) is a lead- ing industrial/retail real estate services firm located in Central New Jersey with individual memberships in the Society of Office & Industrial Realtors (SIOR). BRC provides leasing and sales brokerage services to users, corporate occupiers, landlords, retailers, owners, and investors, representing millions of s/f of property and tenant client assignments an- nually. Currently, BRC is han- dling in excess of three million s/f of corporate and industrial real estate in NJ. MAREJ
WESTFIELD, NJ — Bus- sel Realty Corp. (BRC) rep- resented the sale of 608-612
North Ave. in Westfield, a 36,000 s/f in- dustrial prop- erty, for an undisclosed amount. D a v i d Blitt , senior VP of BRC,
608-612 North Ave.
Westfield NJ Transit Train Station. The property features heavy power, tailgate and drive-in doors for loading, 31 parking spaces and a 6,000 s/f second floor on over one acre. REDCOM Design & Con- struction Redcom Design & Construction is a full-ser- vice architectural design, engineering, and general
contracting company that is committed to giving clients their dream structure. The company pursues every col- laborative relationship with loyalty and an unrelenting passion for excellence. Bussel Realty Corp. (BRC) announced it was named the exclusive leasing agent for 1100 Randolph Rd. in Somerset, a
David Blitt
represented the buyer, RED- COM Design & Construc- tion , and the seller, WLL Realty , in the transaction. 608-612 North Ave. is a 36,000 s/f industrial property located minutes to Rte. 28, the Garden State Parkway, downtown Westfield and the
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