A 317,500-square-foot manufacturing and warehouse building at 11 Cragwood Road in Avenel has traded for $25.2 million, announced commercial real estate services firm Cushman & Wakefield. CenterPoint Properties acquired the property from a joint venture of Ivy Equities and CenterSquare Investment Management; Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the transaction.
Situated on nearly 20 acres in the heart of New Jersey’s Port Region industrial market, 11 Cragwood Road has been fully leased to Gentek Building Products since the 1970s. The property offers one-turn access to New Jersey Turnpike Exit 12, proximate to the ports and the New York City Metropolitan Area’s 23 million consumers.
“Gentek is the original tenant in the building, dating back to the late 1960s. They are significantly invested in their space, and recently extended their lease,” noted Cushman & Wakefield’s Gary Gabriel, who headed the assignment with Metropolitan Area Capital Markets Group’s team member Andrew Merin, David Bernhaut, Kyle Schmidt and Brian Whitmer, along with industrial brokerage specialists Frank Caccavo and Jason Goldman. “In addition to the reliable income stream and attractive initial yield, the property occupies a location that offers significant upside potential as a candidate for future redevelopment.”
As such, the offering drew nearly two dozen tours, according to Kyle Schmidt. “Industrial space remains highly sought after in the New Jersey investment market, particularly in the competition-constrained Port Region,” he noted. “Well-located, stabilized properties are drawing significant bidding interest, and this offering was no exception.”
Based in East Rutherford, New Jersey, Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut, Pennsylvania, and Delaware. The team has completed more than $17 billion worth of transactions since 2000, closing on $1.5 billion in 2013.Related Articles: