(Read more on the industrial market.)
EDISON, NJ-AMB Property Corp. has acquired a 452,000-sf industrial property here, an acquisition that boosts the company's Northern New Jersey/New York area holdings to 12.3 million sf. Just added to the company's portfolio is the newly renamed AMB New Durham Industrial Center.
The building, fully leased to Sea Jet Trucking, a Carteret-based concern, was sold by a local investor group, which was not identified. A spokesman for the San Francisco-based AMB declined to disclose the purchase price.
“This acquisition underscores our strategy to own and operate distribution facilities in the best markets tied to global trade,” says Gene Reilly, AMB's president of the Americas. “Located near Exit 10 of the New Jersey Turnpike, one of the most accessible submarket in Northern New Jersey with strong supply and demand fundamentals, the property complements our existing portfolio of distribution centers in a region where our operating properties are 99% leased.”
Located on 40 acres at 35 Brunswick Ave. in Middlesex County, AMB New Durham Industrial Center has proximity to the Port of Newark/Elizabeth and Newark Liberty International Airport, as well as the NJ Turnpike.
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