515 Monmouth Road in Jackson Township, as depicted in this rendering, includes two buildings of 617,452 square feet and 383,092 square feet. — Courtesy: Cushman & Wakefield
By Joshua Burd
Brookfield Properties has acquired more than 1 million square feet of newly delivered industrial space in Jackson Township, in a deal arranged by Cushman & Wakefield.
According to the brokerage team, the development includes two buildings just off Interstate 195, at 515 Monmouth Road, both of which were fully completed this month. The sellers were Active Acquisitions in partnership with Stonecutter Capital.
Terms were not disclosed.
“This deal represented a unique opportunity for Brookfield Properties to add a pair of Class A industrial buildings to their portfolio in a market where we’ve seen rents increasing 32 percent year over year,” Cushman’s Gary Gabriel said. “This is the largest dollar volume industrial sale in New Jersey this year and a successful outcome for both buyer and sellers.”
Gabriel represented the sellers and procured the buyer as part of the C&W team, which also included Kyle Schmidt, David Bernhaut and Seth Zuidema. They noted that the site includes one cross-dock building totaling 617,452 square feet and an adjacent, single-side load building totaling 383,092 square feet, offering 40-foot clear ceiling heights, parking for 713 cars and 181 trailers, 168 loading positions and 185-foot truck court depths.
The development benefits from accessibility to the I-195 and Interstate 95 corridors, which provide connectivity to New York, Philadelphia and the larger eastern seaboard as well as the regional ports of Philadelphia, Baltimore and New York and New Jersey.
“This area of Exit 7A garners high Class A asking rents, with major global occupiers continuing to sign leases for 500,000 square feet or more,” Schmidt said. “This surge in rental rates coupled with the quality and completion of both buildings made this a very exciting acquisition.”
