The sale was arranged by the CB Richard Ellis Tri-State Investment team led by Jeffrey R. Dunne. Dunne and Jim Tully represented the seller and the CBRE team also secured the buyer.
Airborne Express holds a lease for the property through 2008. The site, which sold for $74.97 per sf, consists of 42,161 sf of high-bay warehouse space and 9,190 sf of office space. In addition, there are five loading docks and three drive-in bays.
Although the property was not currently on the market, as a neighbor of the site, One Liberty saw it and recently decided to make a purchase offer. CBRE was contacted for the transaction because it marketed the property for sale five years ago; however, the seller decided not to sell at that time.
"This property was right in One Liberty's back yard and, given their investment criteria, was a perfect fit for them," says Dunne.
The CBRE team has closed approximately $600 million in transactions so far this year. Those deals include the sales of 111 Sylvan Ave. in Englewood Cliffs, NJ for $70.57 million, Aviation Plaza in Linden, NJ for $54.5 million and Hunters Chase Apartments in Marlton, NJ for $37 million.
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