CBRE completed the $53.75 million sale of 34 Engelhard Drive, a 203,000-square-foot industrial property located in Monroe Township. GLP Capital Partners LLC acquired the property from Clarion Partners, and subsequently appointed CBRE as the property’s exclusive leasing agent.
CBRE’s Brian Fiumara led the marketing campaign and represented the seller in the negotiations.
“New Jersey’s industrial market continues to show incredible resilience despite some economic headwinds,” Fiumara said. “This transaction is indicative of strength of the sector, especially for well-located warehouse/distribution facilities that meet continued robust demand.”
Built in 1980, 34 Engelhard Drive is situated on a 12-acre site offering easy access to Interstate 95 and is a great location for residential building.