CBRE announced July 1 it completed the sale of two parcels of land within a recently rezoned 15.29-acre site at 425-429 Elizabeth Ave. in Somerset.
A Brookfield Asset Management real estate fund acquired the development site and plans to break ground on a 176,000-square-foot state-of-the-art warehouse facility in 2022.
The CBRE Investment Properties team of Elli Klapper, Charles Berger and Mark Silverman, in conjunction with Bill Waxman, Kevin Dudley and David Gheriani of CBRE’s Advisory & Transaction Services, represented the buyer in an off-market transaction.
“This deal once again demonstrates Brookfield’s desire and outlook for industrial product within the Somerset market and throughout the state of New Jersey,” said Silverman.
“The rezoning of 425-429 Elizabeth Ave. for industrial use is part of a developing trend in New Jersey and across the country by forward thinking municipalities in an effort to add industrial uses to their master plans to revitalize local economies,” Dudley added. “This transaction is also a further illustration of the paradigm shift in supply chain and last-mile delivery that was accelerated during the pandemic.”