LA-based investment firm Cohen Asset Management has closed on the $29.6 million acquisition of another New Jersey warehouse property.
CBRE represented the seller, Scannell Properties, in the sale of 2555 Kuser Road in Hamilton, a 145,950 s/f industrial warehouse, located within an hour of Newark and Philadelphia International Airports, Port Newark and Port Elizabeth.
The property is currently under construction and expected to deliver in February 2021.
The CBRE National Partners’ team of Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki led the marketing efforts and represented Scannell Properties, an Indianapolis-based development and investment company.
The new owner has appointed CBRE the exclusive leasing agent for the property, which has 67,365 s/f available. CBRE’s Mindy Lissner, Robert Pine, Ben Shapiro, Dan McGovern and David Gheriani will lead the leasing efforts.
“The Kuser Industrial Center offered a unique opportunity to acquire a new Class A industrial property that benefits from superior highway access and an abundant available labor pool in a location equidistant from Port Newark, Port Elizabeth and the Port of Philadelphia,” said Fiumara.
The acquisition follows Cohen’s acquisition earlier this week of an 18-building industrial portfolio totaling 725,000 s/f across the Meadowlands and surrounding markets in New Jersey.
CAM has acquired over 40 buildings in the New Jersey/New York marketplace in the current investment cycle totaling over six million square feet, with a current footprint of 33 buildings exceeding three million square feet.
Jason Haas, Co-Chief Investment Officer of Cohen Asset Management, stated, “High-quality industrial and logistics properties with the locational and functional attributes of Kuser Industrial Center play an even greater role in today’s supply chain, and we are excited to add this state-of-the-art logistics property to our growing New Jersey portfolio.”
Located off I-195 with easy access to the New Jersey Turnpike, the Kuser Industrial Center offers nine modern loading docks with the ability to add eight more, 2,000 sq. ft. of office space, 36-foot ceilings, LED lighting throughout, a 130-foot truck court and parking for 52 cars.