8 Applegate Drive in Robbinsville — Courtesy: JLL
By Joshua Burd
A national investment firm has made another addition to its New Jersey portfolio, acquiring a nearly 88,000-square-foot warehouse and manufacturing facility in Robbinsville.
Brokers with JLL announced Monday that LBA Logistics had purchased 8 Applegate Drive, a single-tenant property off the New Jersey Turnpike, for $13.5 million. The deal gives the Irvine, California-based firm a stabilized property that is fully leased to Nordson, a manufacturer, which has more than four years of term remaining with two options of five years each
JLL Executive Vice President John Plower led the team representing the seller, HB4 LLC.
“Eight Applegate Drive presented LBA Logistics with a great opportunity to acquire a new-generation, Class A industrial building in a core industrial market at Exit 7A of the New Jersey Turnpike,” Plower said. “Opportunities along the New Jersey Turnpike are scarce and LBA was able to add a great building to their portfolio and a phenomenal tenant, with great infrastructure in the building.”
Sitting on 30.7 acres, 8 Applegate Drive was built in 2001 and has six loading docks and a drive-in door, JLL said in a news release. The brokerage team said Nordson has invested “significant capital” into the building.
The deal comes less than a month after LBA announced its purchase of 400 Delran Parkway in Delran, a 174,000-square-foot property within the Swedes Run Business Park along Route 130, for $10.7 million. JLL also represented the seller in that transaction.