Bentall Kennedy (US) LP advised an institutional investor in the acquisition of the Pearson 8A industrial building at 258 Prospect Plains Rd. in Cranbury, NJ. Exeter Industrial Value Fund II sold the property for $98 million, or about $111 per square foot.
The two-story, 886,826-square-foot distribution building was constructed in 2002 on 58 acres in the Exit 8A Industrial submarket of Middlesex County. It features 53,000 square feet of office space
, up to 90 dock doors and a large drive-in bay, fitness center, cafeteria, nine-inch floors and 38-foot clear heights.
Exeter Property Group paid $80.5 million in October 2011 for the building, including assumed debt, according to CoStar data. See CoStar COMPS #2199089.
The asset is fully leased to Pearson Education on a triple-net lease. The tenant recently executed a 10-year extension under Exeter's watch. Pearson utilizes the property as its northeast distribution center for a host of education services, school support products, and publications.
Andrew Merin, Gary Gabriel, Brian Whitmer, David Bernhaut, Kyle Schmidt and Grace Braverman with Cushman & Wakefield of New Jersey, Inc.'s metro area capital markets group represented the seller and worked directly with the buyer.
Please see CoStar COMPS #2835678 for additional information on this transaction.