CBRE announced that it has arranged the sale of Eastpoint at Exit 8A, a 450,330-square-foot industrial facility centrally located between New York City, Philadelphia and Central New Jersey at 1065 Cranbury South River Road in Monroe Township.
Property Reserve Inc. acquired the asset from Morgan Stanley at an undisclosed price.
CBRE’s Brian Fiumara and Brad Ruppel led the team overseeing the marketing campaign on behalf of the seller and procured the buyer in the transaction.
Boasting Class A institutional quality construction, the property is 100% leased to Iron Mountain Information Management LLC, a wholly owned subsidiary of Iron Mountain, a global leader in storage and information management services.
“Eastpoint at Exit 8A is one of the best logistics facilities in the region, offering direct access to the densest consumer base in the U.S. and supported by world-class transportation,” said Fiumara.
“Fully occupied by a global, publicly traded company with a recently executed lease renewal in place makes the property ideally positioned and provided Property Reserve with a one-of-a-kind investment opportunity.”
Built in 2018, Eastpoint at Exit 8A offers an efficient best-in-class loading design with a 470’-deep cross-dock configuration, 56’ x 50’ column spacing, 36’ clear ceiling heights and ample loading capacity with 100 existing docks.
The property also features 11,100 square feet of office space, a fully warrantied EPDM membrane roof, ESFR fire protection system and energy-efficient lighting.
The facility is just 15 miles from the Port of New York/New Jersey and offers direct access to I-95/New Jersey Turnpike and proximity to Exit 8A.
