CARTERET, NJ–Confirming its early expectations for the Exit 12 industrial market,The Hampshire Companies has flipped 200 Milik Street for $49.5 million to TIAA-CREF. Hampshire began construction of the 230,000 square-foot industrial building on a speculative basis and fully leased the building to FedEx Ground before it was finished.
“With available land sites near the port dwindling, we identified Exit 12 of the NJ Turnpike as a market well-situated to capture demand from the expansion of the Port of Newark/Elizabeth and the rapidly expanding e-commerce market,” says Todd Anderson, principal for The Hampshire Companies. “FedEx's decision to sign a long-term lease prior to completion of the building, followed by the sale less than three years after its development, is a testament to Hampshire's vision.”
Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties represented The Hampshire Companies and procured the buyer.
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