201 Middlesex Center Blvd. (left) and 773 Cranbury South River Road in Monroe Township — Courtesy: Cushman & Wakefield
By Joshua Burd
Prologis Inc. has added more than 1 million square feet in the region with its acquisition of two industrial properties in Monroe Township, in a deal arranged by Cushman & Wakefield.
The brokerage team, which did not identify the buyer by name, said the buildings include a 600,000-square-foot, cross-dock facility at 201 Middlesex Center Blvd. that was built in 2008 and features a 36-foot clear ceiling height, 66 dock doors and 176 trailer parking spaces. The second property, 773 Cranbury South River Road, is a 34.73-acre land site with a 488,884-square-foot warehouse completed in 2017, one that benefits from a 50-year ground lease initiated in 2015.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the unnamed seller and procured the buyer. The firm’s Stan Danzig, Jules Nissim, Steve Elman, Kimberly Bach and Eric Schlett also advised the seller in the transaction, the terms of which were not disclosed.
Published reports including Traded NJ and Commercial Property Executive identified the buyer as Prologis, citing a purchase price of $166.8 million for the Middlesex Center Boulevard property. A market report by NAI James E. Hanson listed the combined purchase price for the two buildings as $197.4 million.
“This off-market deal underscores unabated investor demand for industrial property in premier gateway markets such as New Jersey’s Exit 8A,” Gabriel said.
Cushman on Tuesday touted the buildings’ direct access to Exit 8A on the New Jersey Turnpike, making it an ideal hub for distribution and logistics operations.
“The existing building at 201 Middlesex Center Blvd and land site at 773 Cranbury South River Road offered the purchaser the ability to add to their growing portfolio in one of the most sought-after institutional markets nationwide and where very few properties trade on an annual basis,” Schmidt said.
