The Middlesex Logistics Center, a 570,000-square-foot warehouse and distribution center in Edison, has sold for $83 million, according to real estate firm CBRE.
A joint venture of ASB Real Estate Investments and Cohen Asset Management acquired the fully-leased Class A property at 549 Mill Road from JP Morgan Asset Management, CBRE said Tuesday in a news release.
CBRE’s Brian Fiumara, Mike Hines and Brad Ruppel, with Tom Monahan, negotiated the deal on behalf of the seller.
“This sale is yet another indication of how active the industrial market is in New Jersey,” Fiumara, an executive vice president with CBRE National Partners, said in a prepared statement. “We are seeing product trading at record highs throughout the state and there seems to be very little indication that this will subside in the near term.”
CBRE National Partners, led by Fiumara, has arranged the sales of 12 properties in New Jersey this year, totaling $561 million in consideration and 7.5 million square feet sold.
The property is leased by LIST Logistics, a Massachusetts-based third-party logistics firm, according to its website.