SOUTH BRUNSWICK, NJ—TIAA Global Asset Management has purchased the 220,000-square-foot, fully occupied 51 Commerce Drive in South Brunswick from Ivy Equities in a sale orchestrated by Cushman & Wakefield's Metropolitan Area Capital Markets Group.
Greenwich, CT-based Ivy owned the property since 2013, when it acquired the facility from Commerce SRG, according to Real Capital Analytics, a commercial real estate research firm.
“This property was occupancy-challenged when Ivy acquired it but today serves as a turnaround success story,” says Cushman & Wakefield's Gary Gabriel, who headed the assignment with Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald.
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