AVENEL, NJ— A joint venture of Ivy Equities and CenterSquare Investment Management has sold its 317,500-square-foot manufacturing and warehouse building at 11 Cragwood Road for $25.2 million to CenterPoint Properties. Cushman & Wakefield's Metropolitan Area Capital Markets Group orchestrated the transaction.
Located on nearly 20 acres in New Jersey's Port Region industrial market, 11 Cragwood Road has been fully leased to Gentek Building Products for more than four decades.
The property offers one-turn access to New Jersey Turnpike Exit 12, proximate to the ports and the New York City Metropolitan Area's 23 million consumers.
“Gentek is the original tenant in the building, dating back to the late 1960s. They are significantly invested in their space, and recently extended their lease,” says Cushman & Wakefield's Gary Gabriel. “In addition to the reliable income stream and attractive initial yield, the property occupies a location that offers significant upside potential as a candidate for future redevelopment.”
Gabriel headed the assignment for Cushman & Wakefield with Andrew Merin, David Bernhaut, Kyle Schmidt and Brian Whitmer, and industrial brokerage specialists Frank Caccavo and Jason Goldman.
“Industrial space remains highly sought after in the New Jersey investment market, particularly in the competition-constrained Port Region,” says Schmidt. “Well-located, stabilized properties are drawing significant bidding interest, and this offering was no exception.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
