52M deal for industrial building is largest in No. Jersey this year, broker says

Joshua Burd//December 18, 2014//

52M deal for industrial building is largest in No. Jersey this year, broker says

Joshua Burd//December 18, 2014//

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A Pennsylvania-based investor has acquired a Fairfield industrial building for nearly $52 million, in what brokerage firm Cushman & Wakefield says is the single largest industrial asset sale in northern New Jersey this year.Brokers from C&W represented Fairfield BAB Group LLC, the seller of the 418,000-square-foot property at 300 Fairfield Road, according to a news release. The buyer was Stolz Real Estate Partners of Bala Cynwyd, Pennsylvania.

Built in 2006, the single-story building is fully net-leased to Middle Atlantic Products through Nov. 30, 2026, the news release said. MAP, a part of Legrand North America, is a provider of mount-integrated audio visual systems for residential, commercial, broadcast and security applications, and uses the site as its headquarters, production and distribution center.

C&W’s Metropolitan Area Capital Markets Group team of Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer in East Rutherford, along with Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen in Edison represented Fairfield BAB Group. John Alascio, Mark Ehlinger and Suraj Ravi of Cushman & Wakefield’s Equity, Debt and Structured Finance Group arranged the acquisition financing, which was provided by Investors Bank.

Featuring 28-foot ceiling heights, 34 loading doors and 398 parking spaces, 300 Fairfield Road is adjacent to a four-way interchange with Route 46.

“The offering underwent a standard six-month marketing process,” Bernhaut said in a prepared statement. “Due to the quality of the asset, its prime location and the remaining long-term lease, the offering attracted strong demand. The final sale price is a clear indication of all of these factors.

“Investment appetite for long-term leased industrial assets is at an all-time high, and industrial properties that become available for sale continue to attract considerable interest from investors,” Bernhaut added. “That is especially true for a high-quality property like 300 Fairfield Road.”


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