Michael Cohen, senior vice president of investments, Liberty Property Trust
MOONACHIE AND EDISON, NJ—Liberty Property Trust purchased two industrial buildings in New Jersey for a combined investment of $51.8 million.
“Given strong industrial market fundamentals in the region, we have strategically added seven well-located properties to our portfolio over the last year and a half,” says Michael Cohen, senior vice president of investments for Liberty. “These acquisitions deepen our presence in the high-growth New Jersey Turnpike corridor and we look forward to evaluating additional investment opportunities through the balance of 2019.”
Liberty added to its Central New Jersey portfolio with the sale leaseback acquisition of 75 Ethel Road in Edison, NJ, for $12.2 million. The 101,454 square foot building features a 22-foot clear height and is strategically located along I-287 near Exit 10 of the New Jersey Turnpike. Lou and Scott Belfer of CBRE were involved in the transaction.
Liberty also purchased 115 Moonachie Avenue, Moonachie, NJ, a “last-mile” property, in the Meadowlands for $39.6 million. The 168,800 square foot multi-tenant building is fully leased and features 28-foot clear height. It is immediately adjacent to three buildings Liberty previously acquired in two separate transactions in the Meadowlands. Liberty was represented by Tom Monahan, Stephen D'Amato, and Larry Schiffenhaus with Brian Fiumara of CBRE National Partners in the transaction.
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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].
