PRINCIPAL REAL ESTATE INVESTORS ACQUIRES 1 LLADRO DRIVE; NAMES CBRE GROUP, INC. EXCLUSIVE LEASING AGENT
Plans Call for Renovation and Repositioning of the Former Lladro Warehouse
Moonachie, N.J. – CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that it has been named the exclusive leasing agent for 1 Lladro Drive. The Moonachie, New Jersey, property has been acquired by Principal Real Estate Investors.
Principal Real Estate Investors acquired the property in September 2014 and is working with CBRE to rebrand and reposition its asset. The CBRE team of William Waxman, executive vice president; Mindy Lissner, executive vice president; Matthew Corpuel, first vice president; Thomas Tucci, associate, and Jamie Dennison, client services specialist, is bringing the newly renamed Tri-State Commerce Center to market.
“One Lladro Drive offered Principal Real Estate Investors a rare opportunity to purchase a strategically located warehouse and distribution center and allowed the buyer to break into a well-established and stable New Jersey industrial market,” said Mr. Waxman. “The 216,000-square-foot facility will undergo major capital improvements to fortify it as an institutional-quality asset with improved sprinkler systems, lighting and loading capabilities.”
Tri-State Commerce Center is strategically located in the heart of the Meadowlands submarket. The warehouse contributes to the submarket’s population of more than one million workers, 72 percent of who come from Bergen, Hudson and Passaic counties. Along with superior access to labor, the property is located in the immediate proximity of Routes 17 and 46, which provide direct connections to Route 80 in fewer than two miles and the New Jersey Turnpike in less than three miles. Situated just seven miles from New York City, the most densely populated consumer base in the country, Tri-State Commerce Center is where commerce connects.
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 and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 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 website at www.cbre.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $52.6 billion in commercial real estate assets. The firm’s real estate capabilities include public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.