CBRE National Partners Team experiences exceptionally active year

Edison, New Jersey - CBRE today announced the $83 million sale of Middlesex Logistics Center in Edison, New Jersey. A joint venture of ASB Real Estate Investments and Cohen Asset Management acquired the fully leased, Class A property located at 549 Mill Road, from JP Morgan Asset Management.

CBRE National Partners Brian Fiumara, Mike Hines and Brad Ruppel, along with Tom Monahan, negotiated the sale on behalf of JP Morgan Asset Management.

“This sale is yet another indication of how active the industrial market is in New Jersey,” said Mr. Fiumara, Executive Vice President. “We are seeing product trading at record highs throughout the state and there seems to be very little indication that this will subside in the near term.”

Completed in 2014, the building features 36-foot clear heights, 101 loading docks and parking for 190 cars and 135 trailers. The property is in close proximity to New York City and the Port of Newark-Elizabeth.

Led by Mr. Fiumara, CBRE National Partners has had a very active year in the State of New Jersey, arranging the sales of 12 properties in 2018 totaling $561 million in total consideration. The 12 sales transactions combined for more than 7.5 million sq. ft. sold. In 2017, the team successfully completed 16 transactions totaling 7 million sq. ft. with an aggregate value of $1 billion.

Major transactions include representing Sitex Group in its disposition of a portfolio of properties in Northern New Jersey. The 10-buidling portfolio consists of light industrial properties totaling 639,681 sq. ft. The portfolio is strategically located along the I-95 and I-80 corridors, in four industrial submarkets which provide convenient access to New York City and the surrounding area.

The team was also responsible for arranging the $43 million sale of the I-78 Logistics Park from Opus Investments/KTV to Bridge Development Partners. The 365-acre, master-planned development that will yield over 3.5 million sq. ft. of Class A logistics space is located along the Interstate 78/81 corridor in Lopatcong and Phillipsburg, New Jersey.

National Partners also represented the seller in the sale of 355-375 Davidson Mill Road, a 735,632 sq. ft. distribution center in Jamesburg, New Jersey which traded for $99.5 million.