Belmont Distribution Center at 17 School House Road in Somerset — Courtesy: CBRE Investment Management
By Joshua Burd
CBRE Investment Management has expanded its holdings along Interstate 287, acquiring a nearly 200,000-square-foot warehouse in the Somerset section of Franklin on a client’s behalf.
The firm, through its Americas direct logistics deployment team, paid an undisclosed price in the transaction at 17 School House Road. The deal comes about two years after Brookfield, the seller, completed what’s known as the Belmont Distribution Center to tap into the burgeoning I-287 corridor and the redevelopment opportunities in Somerset, delivering a project with 40-foot clear ceiling heights, a 130-foot truck court, 46 loading positions and parking for 138 cars and 29 trailers.
Brian Fiumara of CBRE National Partners represented the seller. Its new owner, meantime, noted that the 198,772-square-foot property is divisible for multiple user and is designed to accommodate the most active tenant size segment in the market.
“We’re excited to add Belmont Distribution Center to our portfolio, marking the continued expansion of our logistics platform in New Jersey,” said Christopher Sullivan, director of logistics deployment at CBRE Investment Management. “This acquisition complements our recent investment in Cottontail Logistics Center within the same submarket and underscores our ongoing focus on acquiring high-quality, well-located logistics assets in coastal gateway markets. We are confident Belmont Distribution Center’s modern design and strategic location will drive long-term value.”
Cottontail Logistics Center includes 200 and 202 Cottontail Lane, which have a combined 236,000 square feet of high-end industrial space. The firm acquired the property in May and subsequently announced that it had leased up both facilities via deals with Scentbird, a monthly subscription service for fragrances, and Calibre Scientific, a developer, manufacturer and distributor of consumable products in the life sciences and diagnostics sectors.
Users at the Cottontail and Belmont properties have easy connections to other highways such as the New Jersey Turnpike and Interstate 78, giving them direct routes to New York City, Newark Liberty International Airport and the Port Newark-Elizabeth. The region also benefits from a substantial labor and consumer base of more than 26 million people within a two-hour drive, making it highly attractive for logistics customers.
New 236,000 sq. ft. logistics campus in Somerset lands two tenants, CBRE says
