CRANBURY, NJ-Savills helped a German firm sell an industrial facility at Turnpike Exit 8A here to Duke Realty; the price was not disclosed in the off-market deal.
Deka Immobilien was the seller of the two-building warehouse and distribution complex, which had been held by its Deka Special Fund.
The property is located in the Foreign Trade Zone at Exit 8A. Its two single-story Class A buildings totaling 949,580 square feet were completed in 2004 and 2007. The entire property is leased to Crate & Barrel on a triple-net basis until 2020.
“Due to strong market demand for prime industrial assets, Deka Immobilien was able to achieve a profit on the sale of this asset to their investors,” said Robert Stamm, executive managing director of the Savills US Cross-Border Team. He represented the seller in the transaction.
Savills,based in New York City, worked on this assignment in cooperation with Newmark Associates of Whippany. The real estate investment banking firm offers debt and equity placement, note sales, investment sales, cross-border investment, advisory and asset management services across all property types.
Savills is listed on the London Stock Exchange and has more than 200 offices around the world.
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