1 Cory Road in Morris Township — Courtesy: Taconic Partners
By Joshua Burd
Two well-known institutional investors and frequent partners have acquired a nearly 300,000-square-foot industrial building in Morris County for $55 million.
The firms, Taconic Partners and Nuveen Real Estate, say the warehouse and distribution facility at 1 Cory Road is fully leased to multiple tenants, providing an attractive location just outside Morristown. They purchased the 296,000-square-foot building from an undisclosed seller, with Cushman & Wakefield serving as the broker in the deal.
“Taconic is very pleased to have made its first industrial investment, which provides our portfolio with risk, product type and geographic diversification,” said Chris Balestra, president and chief investment officer of Taconic Partners. “We continue to explore new opportunities within the industrial, warehouse and logistics space. 1 Cory Road presents an excellent opportunity for us to add value within a highly sought-after asset-class.”
Built in 1986, the structure sits on 17 acres, according to a news release. It is leased to what the buyers described as a diverse roster of tenants.
The deal is among the latest joint ventures between Nuveen Real Estate and Taconic, which have collaborated since 2015 and collectively invested more than $1.5 billion across 2 million square feet in the New York metropolitan area.
“Our investment in 1 Cory Road will provide exposure to a sector with strong tailwinds, in a market where Nuveen Real Estate has deep experience in owning and successfully managing industrial assets,” said Nadir Settles, managing director and New York regional head at Nuveen.
