8B — April 10 - 23, 2015 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
S outhern N ew J ersey Heitman LLC acquires 1.2m s/f industrial asset from Principal Real Estate Investors Cushman & Wakefield brokers sale of 1 & 7 Costco Drive in Monroe Twp., NJ
M
O N R O E , N J — Cushman & Wakefield has or-
chestrated the trade of 1 & 7 Costco Dr. in Monroe Township, from Principal Real Estate Investors to Heitman LLC. Constructed in 2007, the 1.2 million s/f warehouse/distribution as- set sits in the heart of the New Jersey Turnpike Exit 8A industrial market. “This transaction is the first widely marketed sale at Exit 8A in some time,” said Gary Gabriel of Cushman & Wakefield’s Metropoli-
tan Area Capital Markets Group, who headed the as- signment with team mem- bers AndrewMerin , David Bernhaut , Brian Whit- mer , Kyle Schmidt and industrial specialist Jules Nissim . “We conducted 25 tours and entertained sig- nificant bidding interest, reflecting investor strong appetite for one of New Jersey’s most sought-after industrial submarkets.” According to Schmidt, the 1 & 7 Costco Dr. offering represented an opportunity to acquire two fully leased, best - in- c lass industr ial buildings in New Jersey’s highly desirable 8A market. The structures feature 36- foot clear heights, 145- and 130-foot truck courts, ample parking and trailer storage, and ESFR sprinkler systems. The property was brought to 100% occupancy last year with a 611,000 s/f, Cushman & Wakefield-brokered lease to Ozburn-Hessey Logistics. Other tenants include CJ Foods, L.A. Enterprises and Standard Register. “Bolstered by the market’s location half-way between New York City and Phila- delphia – and resulting im- mediate access to 130 million consumers – the region has experienced positive net ab- sorption averaging 1.5 mil- lion square feet over the past 14 years. Today, low vacancy rates and virtually nonexis- tent available large blocks are combining with future supply constraints to push rental growth. As a second generation of investors be- gins to move into the region, they will be well positioned to capitalize in strengthen- ing market fundamentals.” n
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