Mid Atlantic Real Estate Journal — September 27 - October 10, 2013 — A
M id A tlantic R eal E state J ournal C 886,826 s/f facility fully occupied by Pearson Education Cushman & Wakefield inks $98 million industrial sale RANBURY, NJ — Commercial real estate services firm Cush-
FOR LEASE IN YOUNGWOOD, PA YOUNGWOOD INDUSTRIAL CENTER
man & Wakefield , has com- pleted the sale of 258 Prospect Plains Rd. in Cranbury, an 886,826 s/f industrial facil- ity fully occupied by Pearson Educationandknownas Pear- son at 8A. The class A facility traded for $98 million. The Cushman & Wakefield Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, Gary Gabriel, David Bernhaut and GraceBraverman repre- sented the seller, Exeter Prop- erty Group. The buyer was an institutional investor advised by Seattle-based Bentall Ken- nedy (U.S.) LP. “This was a well-executed transaction for the seller, who just 24 months earlier had purchased the facility for ap- proximately $80 million and was able to unleash additional value by extending the Pear- son lease for a 10-year term and pre-paying the existing above-market indebtedness,” said Gabriel. “It was a great purchase forBentallKennedy’s client, which has acquired one of the finest industrial build- ings in Central New Jersey.” The facility was originally constructed in 2001 as the northeast distribution center for Pearson, an education ser- vices company that provides education solutions, publi- cations, and school support products and services, and the site remains a critical part of the company’s supply chain. Situated on 58 acres near Exit 8Aof theNewJerseyTurnpike, it is at the geographic center of the Boston-Washington, D.C. corridor. The site is also a designated foreign-trade zone (FTZ) and is just 34miles from the Port of Newark/Elizabeth and Newark Liberty Interna- tional Airport. “From an environmental impact perspective, this is an industry-leading facility,” said Gabriel. “Among other things, it generates solar panel rev- enue from a recently installed $8 million solar array on the roof.” Pearson at 8A, which pro- vides 468 parking spaces, offers 38-foot, six-inch ceiling heights and 55 dock doors. The facility includes a 51,000 s/f office component, and has both a fitness center and a cafeteria. n
LEASED AND MANAGED BY: MARK ALLISON INVESTORS REAL ESTATE AGENCY 724-925-0215 or mallison5 @ aol.com
258 Prospect Plains Rd.
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