8 Peach Tree Hill Road in Livingston — Courtesy: Cushman & Wakefield
By Joshua Burd
A joint venture has sold nearly 300,000 square feet of newly built industrial space in Livingston, following the redevelopment of a vacant office building.
According to Cushman & Wakefield, which brokered the sale, Bluewater Property Group and Affinius Capital delivered the West Essex Logistics Center late last year. They’re now marking the final stage of the project at 8 Peach Tree Hill Road after selling the 293,887-square-foot facility to Invesco Real Estate, which paid an undisclosed price.
Cushman’s Gary Gabriel, David Bernhaut, Kyle Schmidt and Ryan Larkin represented the sellers, noting that the property is the former home of CIT Bank’s corporate headquarters. The lender vacated the site after announcing in 2019 that it would move to a modernized office building near Morristown, under a lease with Onyx Equities.
“Class A or new construction represents a fraction of the northern New Jersey industrial market’s overall inventory, and it very seldom becomes available for acquisition,” Schmidt said.
In a news release, C&W said West Essex Logistics Center has 36-foot clear ceiling heights, 54 loading docks and two drive-in doors. The property is a short drive from Newark Liberty International Airport, Port Newark-Elizabeth and other major destinations in the region.
