2301 Cottontail Lane in Somerset — Courtesy: CBRE
By Joshua Burd
An investment manager has purchased a nearly 144,000-square-foot industrial building in the Somerset section of Franklin, in a deal arranged by brokers with CBRE.
GLP Capital Partners, or GCP, paid an undisclosed sum for the single-story, 35-year-old property at 2301 Cottontail Lane. The acquisition comes three months after the company closed a $2.3 billion fund focused on investing in logistics assets in key markets across the U.S., CBRE said, bringing it to locales such as the fast-growing Interstate 287 corridor in New Jersey.
“This acquisition is in line with GCP’s investment strategy to buy and operate warehouses tied to logistics and e-commerce,” said CBRE’s Mark Silverman, who represented the buyer alongside Elli Klapper, Charles Berger, Jeremy Wernick and Kevin Dudley.
Sitting on nine acres, 2301 Cottontail Lane has 13 loading docks and 26-foot ceiling heights, CBRE said. The 143,670-square-foot building is also minutes from the Bound Brook and Bridgewater train stations.
“This was an off-market deal in an extremely competitive market,” Klapper said. “There was significant interest and we had to move quickly to secure the opportunity for our client. We are excited to have closed on this important transaction that allows GLP Capital to acquire a property with the ability to rent out nearly 144,000 square feet of high-quality warehouse and office space in a very tight industrial market.”
Silverman added: “We have sold several industrial assets in Somerset, as well as having multiple on the market and in contract, highlighting the emergence of the 287 corridor as one of New Jersey’s premier industrial markets. The already limited supply of warehouses in New Jersey, along with the continued increase in demand for industrial property, is driving the rents to record levels.”