Fully Occupied 51 Commerce, South Brunswick, a Turnaround Success Story
An industrial asset at 51 Commerce Drive in South Brunswick has traded hands in a sale orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. TIAA Global Asset Management purchased the 220,000-square-foot, fully occupied property from Ivy Equities.
“This property was occupancy-challenged when Ivy acquired it but today serves as a turnaround success story,” noted Cushman & Wakefield’s Gary Gabriel, who headed the assignment with Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald.
“The company invested more than $1 million to remove mezzanine space, modernize the sprinkler system, upgrade the warehouse to LED lighting and build new office restrooms,” he added. “These capital improvements helped drive occupancy to 100 percent, with an average in-place lease term of 9.4 years.” Occupants include long-time tenant Lenox and newer arrivals EDA International, Salesmaster Associates and Halsted Corporation.
Located on 14 acres and two turns from Exit 8A of the NJ Turnpike – 45 miles from New York City and 55 miles from Philadelphia – 51 Commerce Drive is located at the epicenter of the Boston/Washington D.C. corridor, less than 35 miles from the Port of Newark. One-third of the nation’s population is reachable within a one-day drive.
“Exit 8A has long been New Jersey’s strongest industrial market, and investor and tenant demand both continue unabated,” Schmidt added. “We are seeing far more dollars than deals in 2016. The sale of 51 Commerce provides an example of how quality, leased real estate – whether or not it is first-generation space – is attracting strong interest.”
Based in East Rutherford, N.J., Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $23 billion worth of transactions since 2000, closing on $2.0 billion in 2015.
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visitwww.cushmanwakefield.com or follow @CushWake on Twitter.
About Ivy Realty
Founded in 1996, Ivy Realty is a Greenwich,CT-based real estate investment, development and management company with a portfolio exceeding six million square feet of office, industrial and retail properties. Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S. and Southeast Florida. For more information, visit www.ivy-realty.com
