Cottontail Logistics Center at 200 and 202 Cottontail Lane in Somerset — Courtesy: CBRE
By Joshua Burd
A developer has sold a new two-building, 236,000-square-foot industrial campus in the Somerset section of Franklin, in a newly announced deal by CBRE.
The brokerage team noted that the properties, 200 and 202 Cottontail Lane, are fully leased after being delivered last year just off Interstate 287. The buyer, CBRE Investment Management, paid an undisclosed price for the so-called Cottontail Logistics Center, completing the deal through its Americas Direct Logistics Deployment Team on behalf of a separate account client.
Brian Fiumara and Elli Klapper of CBRE’s National Partners unit brokered the sale.
“Cottontail Logistics Center is an exceptional asset and a great addition to any portfolio,” Fiumara said. “Its strategic location in the heart of northern New Jersey’s Route 287/Exit 10 submarket offers a substantial labor and consumer base of over 26 million people within a two-hour drive, making it highly attractive for logistics needs.”
In a news release, CBRE noted that the buildings have 36-foot clear ceiling heights, a 200-foot shared truck court, 65 loading docks, 98 car parking spaces and certification on the U.S. Green Building Council’s Leadership in Environmental and Energy Design scale.
CBRE Investment Management noted in a separate announcement that the campus provides easy access to New York City, Newark Liberty International Airport and Port Newark-Elizabeth, while the region benefits from a substantial labor force.
“We are thrilled to add Cottontail Logistics Center to our portfolio,” said Christopher Sullivan, director of logistics deployment at CBRE Investment Management. “This acquisition aligns with our strategy of investing in modern logistics assets in key gateway markets. The buildings are divisible for multiple tenants and can accommodate the most active tenant size segment. The asset’s strategic location and favorable specifications are expected to ensure the long-term viability of the park.”
