539 Route 130 in Hamilton — Courtesy: Cushman & Wakefield
By Joshua Burd
A joint venture has sold more than 170,000 square feet of newly built industrial space along Route 130 in Hamilton, brokers with Cushman & Wakefield announced Tuesday.
The sellers, a fund managed by Penwood Real Estate Investment Management and Metrix Real Estate Services LLC, completed the deal at 539 Route 130 after successfully redeveloping what was a former strip mall less than three miles from Interstate 195. Principal Real Estate Investors acquired the property, which also includes a ground lease with a bank branch in addition to the 171,269-square-foot warehouse.
C&W’s Gary Gabriel, Kyle Schmidt and Ryan Larkin represented the sellers. Terms were not disclosed.
“Since the onset of the pandemic, logistics demand has dramatically accelerated as e-commerce spending increased,” Gabriel said. “The property’s strategic location in a tight New Jersey industrial market coupled with its long-term lease to a strong credit tenant made this a very attractive acquisition.”
Completed last year, the structure features 36-foot clear ceiling heights, up to 40 loading positions, parking for 150 cars and trailer storage. The 16.6-acre property is minutes from New Jersey Turnpike Exit 7A and is the former home of the Shoppes at Hamilton, which the sellers purchased in 2019 and demolished to make way for the warehouse.
“This project, which did not require any zoning changes, received approvals very quickly from the municipality,” said Michael Nachamkin, managing partner of Metrix. “The site provided an attractive opportunity to convert the retail center into in-demand industrial space.”
Andrew MacDonald, vice president of acquisitions at Penwood, added: “This was a complex redevelopment that was delivered on schedule due to the expertise of the entire team. The final result is a state-of-the-art asset that was in high demand. Great execution by all involved.”