By Joshua Burd
A joint venture has acquired a fully leased, 570,000-square-foot industrial building in Edison for what was reported to be more than $80 million.
Middlesex Logistics Ownership LLC, a partnership of Cohen Asset Management Inc. and ASB Real Estate Investments, announced recently that they had purchased 549 Mill Road. The firms did not disclose the sale price in a news release, but multiple published reports valued the transaction at around $83 million.
Located on about 41 acres near Exit 10 of the New Jersey Turnpike, the property is 100 percent leased to List Logistics through September 2026. The new ownership said the lease is about 25 below current market rents, providing an opportunity to “create long‐term value as well as near-term income returns for our investors.”
“We are excited to add a fully leased modern warehouse/distribution building in an infill northern New Jersey location, within the Exit 10/I-287 industrial submarket, to our growing portfolio as we continue to expand our footprint in the New Jersey marketplace with this acquisition,” said Jason Haas, Cohen’s executive vice president and chief operating officer. “We believe the investment provides a compelling core investment with an opportunity to create significant additional value upon expiration of the below market lease.”
Cohen is also pursuing “other strategic investment opportunities” in northern New Jersey marketplace,” he said.