S hopping C enters N ew J ersey S potlight C entral NJ
Real Estate Journal — Central New Jersey — February 9 - 22, 2018 — 5B
www.marejournal.com
M id A tlantic
Liberty Property Trust acquires One Truman Dr. South CBRE National Partners arranges sale of 369,313 s/f industrialwarehouse&distribution facility inEdison E
DISON, NJ — CBRE has arranged for the sale of a 369,313 s/f industrial facility located at One Truman Dr. South in Edison. The prop- erty was acquired by Liberty Property Trust for an undis- closed amount. Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE National Partners repre- sented the sellers, Cohen Asset Management, Inc. & J.P. Morgan Asset Manage- ment , during negotiations. CBRE executive vice president Thomas Monahan assisted with the sale. Built in 1978, this indus- trial facility features 24’ ceiling heights, 40 dock doors, and an expansive paved parking area. The warehouse and distribu- tion facility is 100% leased to LINDEN, NJ — Seagis Property Group LP has completed its multi-million- dollar renovation of 340 South Stiles St. in Linden, which in- cludes upgrades to the build- ing and grounds at the 504,000 s/f industrial complex. The privately-held Philadelphia, PA based firm, which owns and operates over 10 million s/f of industrial buildings in logistically driven locations along the Eastern Seaboard, purchased the property in November 2016. Cushman & Wakefield orchestrated the sale and subsequent rapid lease-up of the port-market asset. Chuck Fern , based in the commercial real estate ser- vices firm’s Iselin office, led the leasing effort with Jason Barton, Gary Casaletto, Tom Tucci and Stephen Shoemaker . “The new own- ership has given 340 South Stiles St. a complete makeover and elevated it to a truly class A facility,” said Fern. “With the shortage of attractive, large-block opportunities in the port region and Linden’s
One Truman Dr. South
Midwest Air Technologies, Inc. CBRE National Partners
arranged the sales of 11 prop- erties in NJ in 2017, totaling
$928 million in total consider- ation. The 11 sales transactions
combined for more than 7.02 million s/f sold. n
Seagis PropertyGroup completes renovationof 504,000 s/f industrial complex 340 S. Stiles St. in Linden, NJ
340 South Stiles St.
accessibility and low taxes, we saw strong interest from a cross section of commercial space-users.” Fern and the Cushman & Wakefield team fully leased the facility’s available space prior to the completion of renovations. National Tree Company inked a deal for ap- proximately 90,000 s/f; Arvi Trucking Inc. took approxi- mately 35,000 s/f; and Cory Furniture signed for 137,000 s/f. South Kearny Associates committed to the remaining 227,000 s/f in December 2017.
Building improvements in- clude a new roof, entrances, facades, windows, sprinkler systems and lighting, as well as the modernization of the facility’s loading docks. Of- fices were upgraded to suit a variety of business end uses, and Seagis repaved nearly 13 acres of parking and enhanced the landscaping throughout the site. The property is stra- tegically located on Route 1/9, with ready access to Port New- ark-Elizabeth, major regional transportation networks and the population centers of
Northern New Jersey and Manhattan. Charlie Lee, principal of Seagis Property Group LP, noted, “The completion of the detailed and thorough mod- ernization of this Property was led by Seagis Senior Vice President ChrisWilliams, who oversaw every element of the detailed renovations. Chuck Fern of Cushman &Wakefield worked tirelessly from acqui- sition through 100 percent occupancy at delivery to make this project a success.” Cushman & Wakefield’s
industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction man- agement, and industrial con- sulting including labor and demographic analysis. In 2016 globally, this group completed more than 4,799 industrial lease and sale transactions, including Capital Markets transactions, totaling nearly 185.8 million s/f with an ag- gregate value in excess of $6.2 billion. n
Made with FlippingBook - Online catalogs