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Liberty Lands Two Industrial Buildings in NJ
Wayne, PA-based Liberty Property Trust purchased two industrial buildings totaling 270,254 square feet in New Jersey for a combined investment of $51.8 million. The seller was undisclosed.
Liberty’s Michael Cohen says, “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.”
The properties include:
– 115 Moonachie Ave., a “last-mile” property in the Meadowlands acquired for $39.6 million. The 168,800-square-foot multi-tenant building is 100% leased and features 28-foot clear heights. Liberty was represented by CBRE National Partners’ Tom Monahan, Stephen D’Amato, and Larry Schiffenhaus, along with Brian Fiumara.
– Central New Jersey portfolio, a $12.2-million sale leaseback acquisition of 75 Ethel Rd. in Edison, NJ. The 101,454-square-foot building features a 22-foot clear height and is strategically located along I-287 near Exit 10. Lou and Scott Belfer of CBRE were involved in the transaction.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition