Cushman & Wakefield on Wednesday said it arranged the sale of West Essex Logistics Center, a 293,887-square-foot industrial property located at 8 Peach Tree Hill Road in Livingston.
Formerly CIT Bank’s headquarters, the sale represents the final stage in the successful redevelopment of a vacant office building into a modern logistics facility.
Cushman & Wakefield’s Gary Gabriel, David Bernhaut, Kyle Schmidt and Ryan Larkin represented the sellers, Bluewater Property Group and Affinius Capital, in the transaction. The property was acquired by Invesco Real Estate.
“Class A or new construction represents a fraction of the northern New Jersey industrial market’s overall inventory, and it very seldom becomes available for acquisition,” Schmidt said.
The Class A distribution center was delivered in the fourth quarter of 2022. The property features 36-foot clear heights, 54 loading docks and two drive-in doors.
The property is ideally located within close proximity to the metropolitan region’s major logistics infrastructure, including Newark Liberty International Airport, Port Newark/Elizabeth, the Holland Tunnel, Lincoln Tunnel, Goethals Bridge, Verrazzano Bridge and George Washington Bridge.