Greek Development completes Somerset sale

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Cushman & Wakefield has brokered the $15 million sale of a two-building, 170,500-square-foot industrial asset from High Street Realty.Cushman & Wakefield has brokered the $15 million sale of a two-building, 170,500-square-foot industrial asset from High Street Realty.

Cushman’s Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald represented the seller, High Street Realty and procured the buyer.

The properties at 400 and 500 Apgar Drive are 91 percent occupied by 11 tenants. The surrounding I-287 corridor marked a decrease in available space from 5.4 percent to 1.8 percent last year.

“As space tightens all along the N.J. Turnpike, the Upper 287 region has become increasingly popular among industrial tenants and investors alike,” MacDonald said in a news release. “They are capitalizing on the region’s location along the Boston/Washington D.C. corridor, just 40 miles southwest of Manhattan and 60 miles northeast of Philadelphia – enabling distribution to more than 130 million customers and one third of the nation’s population within one day’s drive.”