MONROE TOWNSHIP, NJ-In the biggest trade of a leased industrial facility in more than a decade, Cushman & Wakefield arranged the $83 million sale of Barnes & Noble's primary distribution center here.
The 1,145,000-square-foot facility, situated at the industrial market's powerhouse submarket, Exit 8A of the New Jersey Turnpike, was acquired by CenterPoint Properties. C & W represented the seller, a pension fund advisory firm, and secured the buyer.
Andrew Merin, Gary Gabriel, David Bernhaut and Brian Whitmer of the company's Metropolitan Area Capital Markets Group orchestrated the transaction.
“This was a unique opportunity that drew solid interest,” said Gabriel. Typically, single-tenant industrial property sales run in the $8-25 million range, he said. Gabriel said this is the largest such sale “in at least a dozen years.”
Barnes & Noble, which has a lease through 2020, has invested roughly $100 million into the property, according to Merin.
“With its high ceilings, amenities and infrastructure, it is fully configured for e-commerce fulfillment, which is what the world is looking for today,” Merin said.
Built in 2005, the Barnes & Noble facility is set on a 73-acre site situated about 35 minutes from the Port of Newark/Elizabeth. The site can accommodate an expansion of up to 100,800 square feet.
Barnes & Noble distributes books, electronics, toys and games to more than 700 stores nationwide, and to e-commerce customers internationally from the Monroe facility. It is fully air-conditioned, with 39-foot clear ceilings, 115 loading doors, a full-service cafeteria, and a fitness center for the 800 on-site employees.
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