(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
SOMERSET, NJ–Cushman & Wakefield arranged the recent $10.7 million trade of a warehouse/flex building at 65 Clyde Road in Somerset after lively bidding. TA Associates purchased the 159,000-square-foot industrial property from Cornerstone Real Estate Advisors.
“The number of inquiries we received for this relatively small deal really was impressive,” says David Bernhaut of CW’s Metropolitan Area Capital Markets Group, who tells GlobeSt.com that 100 national investors looked into the property. “The resulting bidding war speaks to an insatiable investment appetite for quality industrial real estate in the northern New Jersey market, where very limited supply continues to come online.”
Inquiries and bids came in from institutional buyers from around the country, Bernhaut says. The warehouse/flex building, built in 1998 on a 10.5-acre site is fully leased to six tenants. Its space serves warehouse/distribution, light manufacturing and laboratory uses. Faced with stone, glass and aluminum, the building has 24-foot clear ceilings, 40-foot by 40-foot column spacing and 24 truck doors.
“65 Clyde Road serves a real need for industrial, R&D and high-tech tenants looking for an efficient space that also offers a higher-end corporate image for the firm’s clients,” says Kyle Schmidt, also with CW’s capital markets group in East Rutherford. “Additionally, the Lower I-287 Corridor offers a strong labor pool and NJ Turnpike proximity, making it a historically strong industrial market. Somerset offers the added benefit of being on the Princeton and Rutgers Research Corridor, providing a draw for technology-related tenants.”
Besides Bernhaut and Schmidt, Andrew Merin and Gary Gabriel of the capital markets group marketed 65 Clyde Road. They worked as a team with industrial brokerage specialists Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen, based in the CW’s Edison office.
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