Eastpoint at Exit 8A at 1065 Cranbury South River Road in Monroe — Courtesy: CBRE
By Joshua Burd
Morgan Stanley has sold a more than 450,000-square-foot industrial building in Monroe Township, in a newly announced deal by CBRE.
The buyer, Property Reserve Inc., paid an undisclosed sum for the facility at 1065 Cranbury South River Road and just off the New Jersey Turnpike. The deal occurred with a full-building lease in place with Iron Mountain Information Management LLC, a subsidiary of the global storage and information management services company, adding to the appeal of what’s known as Eastpoint at Exit 8A.
CBRE’s Brian Fiumara and Brad Ruppel led the marketing campaign on behalf of the seller and procured the buyer.
“Eastpoint at Exit 8A is one of the best logistics facilities in the region offering direct access to the densest consumer base in the U.S. and supported by world-class transportation,” Fiumara said. “Fully occupied by a global, publicly traded company with a recently executed lease renewal in place makes the property ideally positioned and provided Property Reserve with a one-of-a-kind investment opportunity.”
Built in 2018, the 450,330-square-foot building has a 470-foot deep cross-dock configuration, 56- by 50-foot column spacing, 36-foot clear ceiling heights and ample loading capacity via 100 existing docks, according to a news release. The property also has 11,100 square feet of office space and other modern features, while the site is just 15 miles from Port Newark-Elizabeth and draws from a high-quality labor pool that serves globally recognized retail, wholesale and EPL occupiers in the submarket.
