CBRE secured an industrial leasing assignment in Monroe Township after negotiating the 203,000-square-foot property’s sale.

On Sept. 11, the commercial real estate services and investment firm announced the $53.75 million sale of 34 Engelhard Drive in the Middlesex County municipality. According to CBRE, the building was constructed in 1980.

Alternative asset management firm GLP Capital Partners LLC acquired the 12-acre site from real estate investment company Clarion Partners.

CBRE Vice Chairman Brian Fiumara led the marketing campaign and represented Clarion in the transaction. The firm was subsequently tapped as exclusive leasing agent for 34 Engelhard Drive.

“New Jersey’s industrial market continues to show incredible resilience despite some economic headwinds,” Fiumara said in a statement. “This transaction is indicative of strength of the sector, especially for well-located warehouse/distribution facilities that meet continued robust demand.”

That demand is also varied: According to CBRE’s Q2 NJ Industrial Figures, direct leasing and renewals in North and Central Jersey during the period were “exceptionally diverse.” Wholesale & Retail led with 41% of total activity; at 25%, Third Party Logistics followed, marking a decline from its 52% in Q1 and 39% in the last quarter of 2022; Food & Beverage represented 16% and Manufacturing 13%.

In its announcement, CBRE described 34 Engelhard Drive as a great location for a residential building. However, the property is within a Light Impact Industrial District.