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Brookfield Fund Acquires Central NJ Development Parcels
CBRE completed the sale of two parcels within a recently-rezoned 15.29-acre site at 425-429 Elizabeth Ave. in the Central New Jersey community of Somerset, NJ. A Brookfield Asset Management fund acquired the development site in an off-market deal and plans to break ground on a 176,000-square-foot warehouse facility in 2022.
The CBRE Investment Properties team of Elli Klapper, Charles Berger and Mark Silverman, in conjunction with Bill Waxman, Kevin Dudley and David Gheriani of CBRE’s Advisory & Transaction Services, represented the buyer.
“This deal once again demonstrates Brookfield’s desire and outlook for industrial product within the Somerset market and throughout the state of New Jersey,” said Silverman.
“The rezoning of 425-429 Elizabeth Ave. for industrial use is part of a developing trend in New Jersey and across the country by forward thinking municipalities in an effort to add industrial uses to their master plans to revitalize local economies,” continued Dudley.
- ◦Sale/Acquisition
- ◦Development
