CBRE Named Exclusive Leasing and Property Management Firm for Nine-Property New Jersey Industrial Portfolio
East Brunswick, N.J. (September 20, 2012) – CBRE, New Jersey’s largest commercial real estate brokerage firm, announced today that its industrial team has been selected as the exclusive leasing and property management firm for nine high-quality industrial assets in Northern and Central New Jersey totaling 2.6-million square feet of space.
The CBRE team consists of: Scott Belfer, senior vice president; Nicholas Nitti, first vice president; and Mindy Lissner and William Waxman, executive vice presidents.
The portfolio comprises a mix of bulk distribution, light industrial space, cold storage and office space, located within the strategic port-centric submarkets of the Port of Elizabeth, Raritan Center and the 8A Corridor. All of the properties provide direct access to the New Jersey Turnpike and other major highways.
“This assignment showcases CBRE’s diverse expertise and capabilities to address the complex requirements of a significant portfolio in multiple key port-related markets throughout New Jersey,” said Scott Belfer. “The strategic location provides numerous advantages to tenants, especially those in the market for attractive and efficient supply chain infrastructure. We anticipate this portfolio will continue to perform at a high level as demand continues to grow for high quality space in the port markets.”
Currently, the properties are approximately 98 percent occupied by more than 95 tenants. The portfolio includes:
· 99 Hook Road in Bayonne, which is located in a prime port location and provides rail capabilities.
· 5-61 Bay Avenue and 1201 Corbin Street, both in the Port of Elizabeth. 5-61 Bay Avenue has 200,000 square feet of functional warehouse space with significant trailer parking and is directly across from Newark-Liberty International Airport, in addition to the port. 1201 Corbin is visible from the New Jersey Turnpike and comprised of 44,000 square feet of multi-story office space, which provides tenants of different sectors multiple occupancy options.
· 180 Raritan Center Parkway and 742 Old Post Road in Edison are located in the heart of Raritan Center. 180 Raritan Center Parkway has 350,000 square feet of dry and freezer storage and direct access to I-287 and the New Jersey Turnpike. 742 Old Post Road comprises 230,000 square feet of warehouse space with easy access to I-287 and the New Jersey Turnpike. Both are divisible for multiple tenants.
· 55 Carter Drive (114,000 square feet), 45 Brunswick Avenue (331,976 square feet), and 145 Talmadge Road (656,255 square feet) are located in Edison with access to I-287 and Routes 1 & 9. The Talmadge Road property offers dry, refrigerated and freezer warehouse space while providing energy-efficiency through a 4.26-megawatt rooftop solar panel installation, generating cost savings to tenants through discounted electric rates.
· 115 Melrich Road in South Brunswick, a state-of-the-art 123,125 square foot warehouse property, which is the newest constructed asset in the portfolio.
“This portfolio is one of the largest industrial transactions of high quality assets in Northern New Jersey in recent years,” said Nitti. “While the buildings are almost fully occupied, there is still space for growth in emerging sectors such as e-commerce, food related companies and third-party logistic providers.”
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 2011 revenue). The Company has approximately 34,000 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.