In a transaction arranged by CBRE, GCP acquired a 143,670 sq. ft. industrial property at 2301 Cottontail Lane in Somerset, New Jersey.
The CBRE Investment Properties team of Mark Silverman, Elli Klapper, Charles Berger and Jeremy Wernick, in conjunction with Kevin Dudley of CBRE’s Industrial & Logistics Group, secured the acquisition on behalf of GCP.
“GCP recently closed a $2.3 billion fund with a focus on investing in logistics assets in key markets across the U.S., including the Northeast Corridor. This acquisition is in line with GCP’s investment strategy to buy and operate warehouses tied to logistics and e-commerce,” said Silverman.
“This was an off-market deal in an extremely competitive market,” said Klapper. “There was significant interest and we had to move quickly to secure the opportunity for our client. We are excited to have closed on this important transaction that allows GLP Capital to acquire a property with the ability to rent out nearly 144,000 sq. ft of high-quality warehouse and office space in a very tight industrial market.”
Built in 1986, 2301 Cottontail Lane is a single-story industrial facility with two-story office space situated on nine acres of land in Franklin Township. The property has 13 loading docks, 26’ ceiling heights, and is in close proximity to the Bound Brook and Bridgewater Commuter Rails.
“We have sold several industrial assets in Somerset, as well as having multiple on the market and in contract, highlighting the emergence of the 287-corridor as one of New Jersey’s premier industrial markets,” added Silverman. “The already limited supply of warehouses in New Jersey, along with the continued increase in demand for industrial property, is driving the rents to record levels.”
