GLP Capital Partners completed the acquisition of 34 Engelhard Drive, a substantial 203,000-square-foot distribution center situated in Monroe Township, New Jersey.
The transaction: The previous owner of the facility, Clarion Partners, finalized the sale of the property for $53.8 million and was represented by a CBRE team led by Vice Chairman Brian Fiumara. Additionally, post-acquisition, the brokerage firm will oversee the leasing of the property.
The property: Constructed in 1980 on a 12-acre plot, 34 Engelhard Drive is classified as a Class B facility and boasts a 110-foot truck court. It features rail-served mechanical loading doors with dock levelers and bumpers. The plastic packaging manufacturer Berry Global is the sole tenant of this facility.
Location, location, location: The immediate vicinity of the building is shared with distribution centers managed by prominent entities like Prologis and L&R Distribution, as well as food storage and fabrication facilities. Monroe Township falls within Middlesex County, the largest industrial market in New Jersey in terms of square footage, with an inventory exceeding 223 million square feet.
Conveniently, the facility is located just 1.5 miles north of an on-ramp to Interstate 95, positioning it at the midpoint of the route from New York City to Philadelphia—both cities being within 40 and 45 miles, respectively. Furthermore, extending along the Acela corridor, Boston and Washington, D.C., are within a day's drive in either direction.
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