An undisclosed buyer purchased 15 acres of industrial development land in Somerset for $30.75 million in a deal arranged by CBRE, the firm announced Jan. 6.
According to an announcement, the new owner plans to reposition 200 Cottontail Lane’s existing, 209,000-square-foot office building, and to build a new warehouse-distribution center at the property.
“Our client’s focus on investing in logistics assets in key development markets across the U.S. has helped them amass a development pipeline of more than $5.6 billion and over 3,000 properties,” CBRE’s Mark Silverman said of the buyer in a statement.
Rounding out the CBRE Investment Properties team that worked with Silverman on behalf of the buyer in the transaction are Elli Klapper, Charles Berger and Jeremy Wernick, in addition to Kevin Dudley of the firm’s Industrial & Logistics Group.
In recent years, the property had seen a spike in vacancies – only exacerbated by the pandemic. Following the townships rezoning of its Corporate Business District to allow for industrial uses, 200 Conttontail Lane was primed as a candidate for redevelopment, CBRE said.
“This is one of the numerous off-market deals we have been involved in in the Somerset area in the past few years,” Silverman added. “There continues to be significant interest in industrial repositioning due to the supply chain pipeline issues being seen worldwide and lack of developable industrial land in New Jersey. We had to move quickly to secure this property for our client, who is excited to develop a high-quality warehouse facility in an extremely tight industrial market.”