34 Engelhard Drive in Monroe — Courtesy: CBRE
By Joshua Burd
Clarion Partners has sold a 203,000-square-foot industrial building in Monroe for nearly $54 million, in a newly announced deal by CBRE.
According to the brokerage team, GLP Capital Partners LLC acquired the property at 34 Engelhard Drive. CBRE’s Brian Fiumara led the marketing campaign and represented the seller in the $53.75 million deal, noting that the 43-year-old warehouse sits on 12 acres and provides quick access to the New Jersey Turnpike.
GLP subsequently named CBRE as the property’s leasing agent.
“New Jersey’s industrial market continues to show incredible resilience despite some economic headwinds,” said Fiumara, a vice chairman with the firm. “This transaction is indicative of strength of the sector, especially for well-located warehouse/distribution facilities that meet continued robust demand.”
