Cushman & Wakefield’s Metropolitan Area Capital Markets Group has orchestrated the sale of 401 Cabot Drive in Hamilton Township. The 600,600-square-foot building, which serves as the Eastern region distribution hub for Colgate-Palmolive drew strong interest from the institutional investment community.
“This is a best-in-market asset situated at a four-way interchange in the New Jersey Turnpike Exit 7A submarket,” said Cushman & Wakefield’s Gary Gabriel, who orchestrated the transaction with Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt, and Andrew MacDonald, as well as Stan Danzig and Jules Nissim of the commercial real estate services firm’s East Rutherford office. Cushman & Wakefield represented the seller and procured the buyer.
Colgate-Palmolive has occupied the building since its completion by Matrix in 2006 as a build-to-suit. It features 36-foot-clear height, 52-foot x 50-foot column spacing, 120 foot truck courts and ample car and trailer parking. The consumer products giant currently occupies 431,340 square feet, with the remaining 169,260 square feet available for lease.
Situated at Exit 3A of Interstate -195, just west of the New Jersey Turnpike, 401 Cabot Drive benefits from the Turnpike Authority’s recently completed Road Widening Project between Exits 6 and 9 to ease chronic congestion. It is also approximately equidistant between Philadelphia and New York City, providing access to the region’s key population centers and deep labor pool.
The property’s long-term prospects are positively impacted by its proximity to Amazon’s 1.5 million-square-foot distribution center, as well as the site of a 350,000-square-foot, state-of-the-art FedEx distribution center that is currently under development.
“The explosive growth of e-commerce is driving the need for faster service and ‘last mile’ connectivity,” said Schmidt. “Well-located buildings like 401 Cabot Drive are essential as overnight and same-day shipping become the industry standard.”Related Articles: