CUSHMAN & WAKEFIELD ARRANGES 826,000-SQ.-FT. INDUSTRIAL SALE

Cushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza
East Rutherford, New Jersey 07073

Media Contact: Evelyn Weiss Francisco: [email protected], (201) 796-7788

CUSHMAN & WAKEFIELD ARRANGES 826,000-SQ.-FT. INDUSTRIAL SALE
N.J. Exit 8A Portfolio Trades from TIAA-CREF to Cabot Properties

NJ TPKE. EXIT 8A MARKET, Dec. 29, 2009 – In one of the largest New Jersey industrial investment sales year-to-date in 2009, an 826,000-square-foot, fully leased portfolio changed hands this fall. Cushman & Wakefield, Inc. arranged the transaction on behalf of TIAA-CREF Global Real Estate, which sold three properties located within the NJ Turnpike Exit 8A market to Boston-based Cabot Properties.

Andrew Merin, David Bernhaut, Gary Gabriel, Jose Cruz and Kevin O’Hearn of Cushman & Wakefield’s Metropolitan Area Capital Markets Group in East Rutherford, and industrial sales and leasing specialists Frank Caccavo, Jason Goldman and Andrew Siemsen, who are based at the firm’s Edison, N.J., office, orchestrated the sale.

Situated on 53.4 acres, the portfolio includes three high-quality warehouse buildings – each 100 percent leased to a single tenant. Built between 1983 and 1990, the properties have been institutionally owned, well-maintained and offer features such as rail access, ESFR sprinkler systems, cross docking, heavy power, trailer parking and well-appointed office space.

The largest, 329-333 Herrod Blvd. in South Brunswick, includes 418,213 square feet and is occupied by Wicked Fashions, Inc., the popular, mid-tier apparel company. Staples, the nation’s largest office supply company, occupies 21 S. Middlesex Ave. in Monroe Township, totaling 204,369 square feet. The 203,404-square-foot 4 S. Middlesex Ave. in Monroe serves as home to Tyler Distribution Centers, Inc., a third-party logistics firm.

“This portfolio provides excellent stability, and Cabot took advantage of pricing significantly below replacement cost,” Bernhaut noted. “Interestingly, the company was responsible for assembling this portfolio in the late 1990s – so this purchase represents its second time as owner. Cabot already has seen, first hand, the value of these assets.”


The scope of the sale is significant in the current market. “We have seen relatively few industrial trades in New Jersey this year, which makes this transaction unique in terms of both type and size,” Merin said. “Beyond the quality and stability of these assets, their prime location was an important factor in positioning them for disposition.”

“The Exit 8A industrial market is nationally recognized as New Jersey’s premier warehouse and distribution hub and widely considered to be the premier market along the East Coast,” according to Caccavo.

The Metropolitan Area Capital Markets Group specializes exclusively in real estate sales, joint ventures and financing in Northern New Jersey, Fairfield County, Conn.; and Long Island and Westchester County, N.Y. The team has completed more than $13.6 billion worth of transactions since 2000. Over the past four years, this included an average of more than $1.5 billion annually, reaching $2.7 billion in 2007.

Cushman & Wakefield’s Edison-based industrial team handles all aspects of industrial real estate brokerage, including leasing; acquisition of land, build-to-suits and existing facilities; and the disposition of surplus properties. The team consistently is recognized among the firm’s top producers nationally and in New Jersey represents a broad client base ranging from Fortune 500 corporations to local and regional companies.

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