EDISON, NJ–HFF closed the sale of and secured acquisition financing for One Truman Drive South, a 369,313-square-foot industrial warehouse facility in Edison, NJ. The firm did not disclose the transaction amount, but an industry participant familiar with the transaction tells GlobeSt.com exclusively that it priced at about $63-64 per square foot, or just under $24 million.
HFF marketed the property for the seller, IC/L-A One Truman Drive LLC, wholly owned by affiliates of Lubert-Adler Partners. Cohen Asset Management, Inc. and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets purchased the property free and clear of existing debt. The new owners also retained HFF to secure the fixed-rate loan through Principal Real Estate Investors.
This was CAM's second major acquisition in New Jersey since acquiring the Avidan Industrial Portfolio in 2012, also arranged by HFF and the largest industrial transaction in New Jersey that year.
HFF managing director Michael Nachamkin, senior managing director José Cruz and senior real estate analyst Robert Borny led the HFF investment sales team representing the seller. HFF senior managing director Jon Mikula and director Michael Klein led the debt placement team representing the purchaser.
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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].
