New Jersey

“This sale is the latest in a series of transactions in East Birmingham that have resulted in heavy value-add campaigns,” said C&W's Josh Jacobs.

The $258 million financing package was negotiated by Shaya Ackerman, left, and senior vice president Shaya Sonnenschein of Meridian.

"The lease at 2 Clarke Drive not only met Experic's current size needs, but offers enough room to accommodate the company's expansion,” says Cushman & Wakefield's Todd Elfand.

“Jay Kislak was a leader and innovator in business and philanthropy," says Tom Bartelmo, president and CEO, The Kislak Organization. "He saw attributes in people and opportunities in life that many people did not see. "

The Davis Companies added value through a lease extension, property repositioning and significant lobby and building system improvements.

Over a four-year holding period, the Mountain/PCCP joint venture nearly doubled the building's occupancy to 95 percent at the time of the sale.

Demand for distribution and logistics space continues in southern New Jersey's rapidly growing industrial market.

The planned construction will expand the property by adding 122,000 square feet of class A, 32-foot clear, distribution space, bringing the total square footage to 235,000 square feet.