Real Estate

Cushman & Wakefield Completes $51.6M Sale of New Jersey Industrial Building

Commercial real estate services firm Cushman & Wakefield has arranged the sale and acquisition financing for 300 Fairfield Rd., a 418,000-square-foot industrial building in Fairfield. The sale price of $51.6 million makes it the largest single industrial asset sale in Northern New Jersey in 2014.

The firm’s Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer in East Rutherford, along with Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen in Edison represented seller Fairfield BAB Group, LLC, a locally-based group. The buyer was Stoltz Real Estate Partners, a Bala Cynwyd, Pa.-based real estate investment manager.  John Alascio, Mark Ehlinger and Suraj Ravi of Cushman & Wakefield’s Equity, Debt and Structured Finance Group (EDSF) arranged the acquisition financing, which was provided by Investors Bank.

Constructed in 2006, the single-story building is fully net leased to Middle Atlantic Products (MAP) through November 30, 2026. MAP, a part of Legrand North America, is a provider of mount integrated AV systems for residential, commercial, broadcast and security applications, and utilizes the site as its headquarters, production and distribution center.

Featuring 28-foot ceiling heights, 34 loading doors and 398 parking spaces, 300 Fairfield Road is adjacent to a four-way interchange with Route 46. The site offers proximity to I-80, I-280, I-287 and Route 23, as well as hotels, restaurants and shopping. Fairfield Executive Airport is just two miles away, and Newark Liberty International Airport is within 20 miles.

“The offering underwent a standard six-month marketing process,” said Bernhaut. “Due to the quality of the asset, its prime location and the remaining long-term lease, the offering attracted strong demand. The final sale price is a clear indication of all of these factors.

“Investment appetite for long-term leased industrial assets is at an all-time high, and industrial properties that become available for sale continue to attract considerable interest from investors,” said Bernhaut. “That is especially true for a high-quality property like 300 Fairfield Road.”

Related Articles: