S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
CenterPoint Properties acquires property from joint venture Cushman & Wakefield brokers $25.2m sale of a 317,500 s/f manufacturing/warehouse building
HI-LIGHTS DECEMBER12 - 18, 2014 house building at 11 Crag- wood Rd. has traded for $25.2 million, announced com- mercial real estate services firm Cushman & Wake- field . CenterPoint Proper- ties acquired the property from a joint venture of Ivy Equities and CenterSquare Investment Management; Cushman &Wakefield’s Met- ropolitan Area Capital Mar- A VENEL, NJ — A 317,500 s/f manu- facturing and ware-
Gary Gabriel , who headed the assignment with Metro- politan Area Capital Markets Group’s team member An- drew Merin , David Ber- nhaut , Kyle Schmidt and Brian Whitmer , along with industrial brokerage special- ists Frank Caccavo and Ja- son Goldman . “In addition to the reliable income stream and attractive initial yield, the property occupies a loca- tion that offers significant up- side potential as a candidate for future redevelopment.” As such, the offering drew nearly two dozen tours, ac- cording to Kyle Schmidt. “In- dustrial space remains highly sought after in the New Jer- sey investment market, par- ticularly in the competition- constrained Port Region,” he said. “Well-located, stabilized properties are drawing signifi- cant bidding interest, and this offering was no exception.” n
11 Cragwood Rd.
kets Group orchestrated the transaction. Situated on nearly 20 acres in the heart of New Jersey’s Port Region industrial mar- ket, 11 Cragwood Rd. has
been fully leased to Gentek Building Products since the 1970s. The property offers one-turn access to New Jersey Turnpike Exit 12. “Gentek is the original
tenant in the building, dat- ing back to the late 1960s. They are significantly in- vested in their space, and re- cently extended their lease,” said Cushman & Wakefield’s
Northern SPOTLIGHT
5-12B
Sale of 1237 W. Sherman Ave. boasts a +/-5.8% cap rate Stan Johnson Company sells 37,660 s/f medical property to Lexington Realty Trust for $19.1million
NAI Mertz closes 57,570 s/f ind. lease
VINELAND, NJ — Stan Johnson Company , one of the nation’s premier net lease brokerage firms, has completed the sale of a +/- 37,660 s/f medical property to Lexington Realty Trust for $19.1 million. Located at 1237 W. Sherman Ave. in Vineland, the property is located two miles off New Jersey Rte. 55, along a heavy medical corridor 40 miles south of Philadelphia. The fa- cility is leased to HealthSouth Rehabilitation Hospital of South Jersey, LLC and is guaranteed by HealthSouth Corporation, the largest own- er and operator of inpatient rehabilitation hospitals in the United States. Camille Renshaw, CCIM , and David Bailey of Stan Johnson Company’s New York office represented the seller, a New Jersey medical developer, in this transac-
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Hartz Mountain to design 303,000 s/f whse./datacenter
1237 W. Sherman Ave.
tion. The property is under a 40 year lease with approxi- mately 29 years remaining. The sale boasted a +/-5.8% cap rate, based on 2014 NOI. The most compressed cap rate previously reported by CoStar for a rehabilitation hospital
leased by a Healthsouth en- tity nationwide was +/-6.43%. That sale was for a hospital located in Everett, WA, and closed in 2003. “The current demand for stabilized, quality real estate is much greater than the sup-
ply,” said Renshaw. “Through an intense and competitive marketing effort to both 1031 exchange buyers and institu- tional purchasers, we were able to tap into that demand and deliver great pricing for our seller.” n
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