549 Mill Road, Edison, NJ

NEW YORK CITY—ASB Real Estate Investments in a joint venture with Cohen Asset Management acquired a 570,100 square-foot, bulk warehouse distribution facility at 549 Mill Road in Edison, NJ for $83 million. The property is located within the Exit 10/I-287 industrial submarket of northern NJ. ASB made the investment on behalf of its Allegiance Real Estate Fund, a $7.3 billion core vehicle. The seller was JP Morgan Chase Bank, according to Real Capital Analytics.

The property, called Middlesex Logistics Center, is a four-year-old cross-docked industrial facility. It is 100% leased to List Logistics, a national third-party logistics and distribution company. The building features physical characteristics often sought in modern distribution buildings including 36-foot clear heights, 50 x 48-foot column spacing with 60-foot speed bays, 101 loading docks with four drive-in doors, ESFR sprinklers, and parking for 190 cars and 135 trailers.

549 Mill Road, Edison, NJ, industrial property aerial view

The asset is located in one of Northern NJ's most desirable industrial submarkets with access to one of the nation's most heavily trafficked highways, according to Brodie Ruland, ASB SVP and northern region head. He says only about 19% of northern NJ product is considered modern inventory. He states that the Exit 10/ Route 287 area is one of the largest submarkets with newer product, second only to an area 15 miles south, near Exit 8A.