CRANBURY, NJ– Cushman & Wakefield has sold the Pearson Education industrial facility here that was owned by Exeter Property Group to an institutional investor. The 890,000-square foot facility traded for $98 million.
The property, known as Pearson at 8A, is located at 258 Prospect Plains Rd., off Exit 8A of the New Jersey Turnpike.
C&W's Metropolitan Area Capital Markets GroupM team of Andrew Merin, Gary Gabriel, David Bernhaut and Grace Braverman represented the seller. The buyer was an unidentified institution advised by Seattle-based Bentall Kennedy.
Only 24 months earlier, Exeter had acquired the facility for $80 million. Gabriel said the seller “was able to unleash additional value by extending the Pearson lease for a 10-year term and pre-paying the existing above-market indebtedness.”
“It was a great purchase for Bentall Kennedy's client,” Gabriel said, “which acquired one of the finest industrial buildings in Central New Jersey.”
The facility, built in 2001, is the northeast distribution center for Pearson, which provides education services and publications. Set on 58 acres, the site is central on the Boston-Washington, D.C. distribution corridor. It is also a designated foreign-trade zone.
“From an environmental impact perspective, this is an industry-leading facility,” Gabriel noted. “Among other things, it generates solar panel revenue from a recently installed $8 million solar array on the roof.”
The facility includes 468 parking spaces and has 38-foot, six-inch ceilings and 55 dock doors. There is 51,000 square feet of office space, a fitness center and a cafeteria.
Based in East Rutherford, C&W's Metropolitan Area Capital Markets Group specializes in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut and Pennsylvania. The team has completed more than $17 billion worth of transactions since 2000.
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