CBRE Announces Sale of 701 Union Boulevard for $16.8 Million
Totowa, NJ (November 29, 2012) – Today, CBRE announced the $16.8 million sale of 701 Union Boulevard in Totowa, New Jersey to Digital Realty Trust. The deal was brokered by Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE’s New York Institutional Group along with Remy deVarenne and Tom Mallaney of CBRE’s Saddle Brook office, which represented the seller Hoffmann-La Roche Inc. (“Roche”).
701 Union Boulevard is a 271,800± SF industrial property, which was developed for Roche in 1974 for its own use and is situated on 34± acres providing future development potential. The Property is located on Union Boulevard with visibility from Route 46 and within ¼ mile from the four way interchange at Exit 55 of Interstate 80. The Property has been corporately owned and maintained to the highest institutional standards. It is one of the only large blocks of high quality, contiguous distribution spaces in Northern New Jersey and is strengthened by its expansion potential, which added substantial value to this investment opportunity.
The Property has a number of distinct building features including access to heavy electrical power (3,000 amps), an existing 1,400 kW generator, 40’ x 40’ column spacing and 22’ clear height. These features created a distinct advantage to the Purchaser which is planning to reposition the asset for data center use taking advantage of the available fiber and power currently available at the site. New ownership intends to significantly supplement the existing infrastructure and create a state-of-the-art data center with 15.75 megawatts of critical IT load capacity to meet future demand in this key corporate enterprise market.
Kevin Welsh had the following comment on the sale: “701 Union Boulevard is an ideal fit for Digital’s current portfolio in the New York Metro market area which is nearing capacity, and the site enables it to meet future demand for highly reliable data center space. The redevelopment of the existing building coupled with additional land for new development offers considerable upside potential for Digital.”
The New York Institutional Group has a number of attractive investment opportunities currently on the market including: The LockWorks, a 329-unit trophy apartment community located in Stamford, CT; Garden City Square, a 293,390± SF medical office and retail property in Garden City, NY; 115 Moonachie Avenue, a 168,800± SF modern industrial building located in Moonachie, NJ; the International Trade Center Industrial Portfolio, an eight-building 1.2± million SF portfolio located in Mount Olive, NJ; 5901 West Side Avenue, a 296,730± SF office building located in North Bergen, NJ; 200 Plaza Drive, a 249,863± SF LEED certified office building located in Secaucus, NJ; and a 56,966± SF cross dock trucking terminal in Queens, NY net leased to the largest bakery company in the United States.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.