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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!