Rockefeller Group and Cushman & Wakefield announced the sale of 65 Baekeland Avenue, a new 400,000 s/f industrial asset located in Middlesex, N.J.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt, David Bernhaut and Ryan Larkin, in coordination with leasing specialists Jules Nissim and Kimberly Bach, represented Rockefeller Group in the sale. A fund sponsored by CBRE Investment Management acquired the asset.
“We’re happy to have worked with Cushman & Wakefield and CBRE Investment Management on the sale of Middlesex Logistic Center,” said Mark Shearer, Senior Managing Director for Rockefeller Group’s NJ/PA region. “This premiere last-mile facility fits well with CBRE Investment Management’s investment strategy as they continue to acquire Class A industrial properties throughout the United States.”
“We’re very pleased to have the opportunity to acquire such strategic new development in one of the most premier, in-fill logistics markets in the country,” said Mary Lang, Head of Americas Direct Logistics Strategies and Portfolio Manager for CBRE Investment Management. “In Middlesex, Rockefeller Group has built a best-in-class fulfillment center that will help serve the delivery needs for the surrounding high-density consumer population.”
“We received significant interest in this asset, which is no surprise considering it’s newly constructed and fully pre-leased prior to vertical construction to a long-term e-commerce credit tenant,” said Gabriel. “Additionally, the asset is conveniently located along the I-287 Corridor, one of New Jersey’s best-performing submarkets.”
Completed in September 2021, 65 Baekeland Avenue offers 36 ft. clear heights, 38 loading positions, 334 car and 281 van parks and a 130’ truck court. The 30.3-acre site is situated off of Exit 9 of I-287, just west of I-95 and Routes 1 and 9 and south of I-78. The asset is accessible to 21 million people within a 90-minute drive.