A 55,800-square-foot industrial building in Somerset has traded hands.
Cushman & Wakefield announced the sale of 15 Worlds Fair Drive on Jan. 13. The firm’s Shawn Straka and Joseph Ratner represented Fusion on Ice LLC, the seller, in the transaction.
Financial terms of the deal were not disclosed.
The property, built in 2007, sits on more than 4 acres of land. It’s comprised of 15,800 square feet of office space and 40,000 square feet of warehouse space.
15 Worlds Fair Drive also offers ample parking and 22-foot ceilings.
“In a market overflowing with demand for industrial product, this standalone property proved to be a rare acquisition opportunity which resulted in significant interest from a wide range of buyers,” Straka said in a statement. “Located in the heart of one of the highest demanded industrial zones in Somerset County, the property was originally designed as a specialized, recreational use asset that could easily be converted to warehouse.”
Speaking to that demand, last week CBRE announced the sale of a nearby industrial redevelopment site on Cottontail Lane for $30.75 million that will see the repositioning of an existing 209,000-square-foot office building and the construction of a new ware-house distribution center.