Taconic Partners and Nuveen Real Estate announced today the acquisition of 1 Cory Road, a warehouse and distribution facility in Morristown, New Jersey, for $55 million.
“Taconic is very pleased to have made its first industrial investment, which provides our portfolio with risk, product type and geographic diversification,” said Chris Balestra, President and Chief Investment Officer of Taconic Partners. “We continue to explore new opportunities within the industrial, warehouse and logistics space. 1 Cory Road presents an excellent opportunity for us to add value within a highly sought-after asset-class.”
“Our investment in 1 Cory Road will provide exposure to a sector with strong tailwinds, in a market where Nuveen Real Estate has deep experience in owning and successfully managing industrial assets,” said Nadir Settles, Managing Director and New York regional head at Nuveen.
Originally built in 1986, the 296,000 square foot warehouse is situated on a 17-acre site, providing tenants with ample parking. The property is 100% leased to a diverse roster of tenants.
Nuveen Real Estate and Taconic Partners have collaborated since 2015, collectively investing more than $1.5 billion across over 2 million square feet in the New York metropolitan area. Most recently, the partners completed the $70 million acquisition of 309 East 94th Street and a $260 million fundraising round for its jointly sponsored value-add fund, New York City Property Fund II. Together, Taconic Partners and Nuveen Real Estate will continue to capitalize on unique opportunities to build and reposition best-in-class products for the future.
Cushman & Wakefield brokered the transaction.