TIAA Makes Strategic NJ Industrial Buy
- Aug 24, 2016
By Ioana Neamt
New York—TIAA Global Asset Management has recently acquired a 220,000-square-foot industrial property in South Brunswick, N.J., from Ivy Equities. A Cushman & Wakefield Metropolitan Area Capital Markets Group team comprising Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald facilitated the transaction.
Located on 14 acres at 51 Commerce Drive, the property is fully occupied and strategically situated just 45 miles from New York City and 55 miles from Philadelphia. According to Cushman & Wakefield, one-third of the nation’s population is reachable within a one-day drive. Tenants include Lenox, EDA International, Salesmaster Associates and Halsted Corp.
“The company invested more than $1 million to remove mezzanine space, modernize the sprinkler system, upgrade the warehouse to LED lighting and build new office restrooms,” Cushman & Wakefield’s Gary Gabriel explained in a statement. “These capital improvements helped drive occupancy to 100 percent, with an average in-place lease term of 9.4 years.”
“Exit 8A has long been New Jersey’s strongest industrial market, and investor and tenant demand both continue unabated,” added Kyle Schmidt. “The sale of 51 Commerce provides an example of how quality, leased real estate—whether or not it is first-generation space—is attracting strong interest.”
Image courtesy of Cushman & Wakefield