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Allianz Buys 526,400-SF Industrial Building

SOUTH BRUNSWICK, NJ-The new asset, developed by Opus East, is fully leased to Fleming Cos. as a food distribution center.

By Eric Peterson | Updated on October 04, 2001

SOUTH BRUNSWICK, NJ-Opus East, based in Bethesda, MD, has sold a 526,400-sf warehouse/distribution facility here to Allianz Life Insurance Co. Allianz of America, Inc., Westport, CT, served as the advisor for the buyer. Both are units of Europe-based Allianz AG. The terms and sale price of the transaction were not disclosed.

The asset is the first phase of Opus East’s new Turnpike Crossing, a master-planned business park that, at build-out, is expected to total more than 1.2 million sf of class A warehouse space in three buildings. The park is located at Exit 8A of the New Jersey Turnpike in Middlesex County.

The Fleming Cos. of Oklahoma City is the sole tenant of the facility, having leased all of it in May of this year. Fleming is one of the largest food wholesalers in the country, serving some 3,000 supermarkets, 3,000 convenience stores and almost 1,000 other businesses. The distribution center serves the company’s northeast region.

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