Rockefeller Group and Cushman & Wakefield jointly announced the sale of 65 Baekeland Ave., a new 400,000-square-foot industrial asset located in Middlesex, to a fund sponsored by CBRE Investment Management.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt, David Bernhaut and Ryan Larkin, together with leasing specialists Jules Nissim and Kimberly Bach, represented Rockefeller Group in the sale.
“We’re happy to have worked with Cushman & Wakefield and CBRE Investment Management on the sale of Middlesex Logistic Center,” Mark Shearer, senior managing director for Rockefeller Group’s NJ/PA region, said. “This premiere last-mile facility fits well with CBRE Investment Management’s investment strategy as they continue to acquire Class A industrial properties throughout the United States.”
The property offers 36-foot clear heights, 38 loading positions, 334 car and 281 van parks and a 130-truck court. The 30.3-acre site is situated off Exit 9 of Interstate 287, just west of Interstate 95 and Routes 1 and 9 and south of Interstate 78.
“We’re very pleased to have the opportunity to acquire such strategic new development in one of the most premier, in-fill logistics markets in the country,” Mary Lang, head of Americas Direct Logistics Strategies and portfolio manager for CBRE Investment Management, said.
Cushman & Wakefield’s Gabriel said there was significant interest in the asset, which came as no surprise considering it’s newly constructed and fully preleased prior to vertical construction to a long-term e-commerce credit tenant. Plus, it is located along the highly desirable Interstate 287 Corridor.