Cushman & Wakefield on Wednesday said it arranged the sale of a two-building industrial development totaling just over 1 million square feet at 515 Monmouth Road in Jackson Township.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema represented the sellers, Active Acquisitions, in partnership with Stonecutter Capital and procured the buyer, Brookfield Properties, in the transaction. Riker Danzig Real Estate Partners James Maggio, Jr. and Nicholas Racioppi, Jr. negotiated the deal for client Active Acquisitions.
“This deal represented a unique opportunity for Brookfield Properties to add a pair of Class A industrial buildings to their portfolio in a market where we’ve seen rents increasing 32% year-over-year,” Gabriel said. “This is the largest dollar volume industrial sale in New Jersey this year, and a successful outcome for both buyer and sellers.”
“This area of Exit 7A garners high Class A asking rents, with major global occupiers continuing to sign leases for 500,000 square feet or more,” Schmidt added. “This surge in rental rates, coupled with the quality and completion of both buildings, made this a very exciting acquisition.”
The development, which was fully delivered this month, includes one cross-dock building totaling 617,452 square feet and an adjacent single-side load building totaling 383,092 square feet. The buildings feature 40-foot clear heights, 713 car parks, 181 trailer parks, 168 loading positions and 185-foot truck court depths.
The development benefits from accessibility to Interstate 95 and Interstate 195 corridors which provide connectivity to New York, Philadelphia and the larger Eastern Seaboard as well as the regional ports of Philadelphia, Baltimore and New York/New Jersey.
