Brookfield Buys 1 MSF New Jersey Industrial Asset – What is a Ground Lease?

, Brookfield Buys 1 MSF New Jersey Industrial Asset – What is a Ground Lease?, Robert Khodadadian

515 Monmouth Road. Image courtesy of Cushman & Wakefield

Brookfield Properties has purchased a two-building industrial development in Jackson, N.J., totaling more than 1 million square feet. Cushman & Wakefield represented the seller, a partnership of Active Acquisitions, Stonecutter Capital and Columbus Square Management, and procured the buyer.

Fully delivered this month, the Class A property is composed of a 617,452-square-foot cross-dock building and a 383,092-square-foot single-side loading building. The property features 40-foot clear heights, a 185-foot truck courts, 168 loading positions, 181 trailer parking spots and 713 vehicle parking spots.

The project is situated at 515 Monmouth Road, 22 miles from Trenton, N.J., close to interstates 95 and 195, allowing easy access to New York, Jersey City, N.J., as well as to Philadelphia its regional ports.

The Cushman & Wakefield team involved in the deal included Executive Vice Chairmen Gary Gabriel and David Bernhaut, along with Executive Managing Director Kyle Schmidt and Senior Analyst Seth Zuidema.

Earlier this month, Brookfield announced the groundbreaking of a 325,710-square-foot, Class A industrial project, situated in East Windsor, N.J. Designed to achieve LEED certification, the facility is slated for delivery in early 2024. In August, the company acquired a 161-acre site along Interstate 287, for the development of a three-building, 1.2 million-square-foot distribution campus in Suffern, N.Y.

The post Brookfield Buys 1 MSF New Jersey Industrial Asset appeared first on Commercial Property Executive.

 Industrial, Investment, New York, News, Northeast, Brookfield Properties, Cushman & Wakefield 

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