BentallGreenOak Acquires 29-Acre Industrial Property In Newark From Metropolitan Life Insurance With Tenant Amazon For $138M

The industrial property located at 38811 Cherry Street in Newark has been sold in a recent transaction. The property spans over 29 acres, offering ample space for industrial activities. The sale took place on January 4, 2023.

Summary of Transaction Details

• Property Type: Industrial
• Address: 38811 Cherry Street, Newark
• Market: Newark
• Acres: 29

The property was purchased by BentallGreenOak, with representatives Sonny Kalsi & John Carrafiell overseeing the deal. On the other hand, Metropolitan Life Insurance acted as the seller. The sale price for the property amounted to $138,000,000. Additionally, the property offers a total square footage of 575,000, resulting in a price per square foot of $240.

Notably, the tenant occupying the property is Amazon. This adds to the appeal of the industrial asset and highlights its significance in the market.