Keasbey industrial building fetches $18.6M

A 133,032-square-foot industrial building in Keasbey has been sold for $18.6 million, according to real estate services firm CBRE.

The property at 100 Crows Mill Road was sold by TA Realty to California-based Seville Gateway Investments LLC, CBRE said in a news release.

The CBRE team of William Waxman, Mindy Lissner, Steven I. Beyda and Robert Pine negotiated the transaction on behalf of the seller, while CBRE’s Dorothy Chuang represented the buyer.

“Originally only available for lease, we were able to negotiate an off-market sale that closed in record time,” Waxman said in a prepared statement. “Located in Los Angeles, Seville Gateway was interested in a facility in the New Jersey area that was in close proximity to the port to better service its Northeast operations. 100 Crows Mill Road offers the new ownership truly unparalleled access to all the local waterways and airports, as well as an excellent labor pool.”

The property, built in 1971, is located near several major highways, including the New Jersey Turnpike, Interstate 287 and the Garden State Parkway.