CBRE announced today the $29.6 million sale of the Kuser Industrial Center at 2555 Kuser Road in Hamilton, New Jersey to Cohen Asset Management, Inc. The 145,950 sq. ft. industrial warehouse, located within an hour of Newark and Philadelphia International Airports, Port Newark and Port Elizabeth,is currently under construction and expected to deliver inFebruary 2021.
The CBRE National Partners’ team of Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki led the marketing efforts and represented the seller, Scannell Properties, in the transaction. The new owner, Cohen Asset Management, has appointed CBRE the exclusive leasing agent for the property, which has 67,365 sq. ft. 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 Mr. Fiumara.
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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Cohen Asset Management, Inc.
Cohen Asset Management, Inc. (“CAM”) is a premier private real estate investment firm that is headquartered in Southern California with a regional office in Northern New Jersey. CAM has acquired over 40 buildings in the New Jersey/New York marketplace in the current investment cycle totaling over 6 million square feet, with a current footprint of 33 buildings exceeding 3 million square feet. The firm has an established history as a prominent and active owner-operator spanning several decades with a focus on the industrial and logistics sector, including fulfillment, warehouse and distribution centers, manufacturing facilities and infill/last mile properties aimed at providing solutions for the growing 21st century e-commerce economy and global supply chain. Please visit our website at www.cohenasset.com.
About Scannell Properties
Scannell Properties is a privately held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, government, and multi-family facilities throughout the U.S., Canada and Europe. Since its inception in 1990, Scannell has completed over 360 development projects totaling 85 million SF. The value of all their projects is estimated at over $5 Billion. www.scannellproperties.com.
