Northwestern Mutual Life Insurance Company sold the 599,500-square-foot industrial building at 1150 Commerce Blvd. in Logan Twp, NJ to MEPT (Multi-Employer Property Trust) and Bentall Kennedy LP for $36.1 million, or about $60 per square foot, in an all-cash sale.
The class A distribution facility was built in 2009 on more than 60 acres in the 1,000-acre LogistiCenter at Logan industrial park. The building features a cross-dock configuration with full circulation, speed bays and ample loading, 32-foot clear heights, 267 trailer spots, T-5 lighting and ESFR sprinklers. The property is LEED Silver-certified and is fully occupied by Kimberly-Clark Corporation.
Michael Hines, Michael Blunt, Brian Fiumara, Brad Ruppel, and William Goodwin with CBRE represented the seller. Bentall Kennedy acted as real estate advisor to MEPT, a $5.6 billion real estate equity fund.
"The Southern New Jersey Industrial Submarket continues to attract institutional investors focused on the location’s strategic location along the Northeast Distribution Corridor, virtually equidistant from the New York City and Washington, DC metros," said Hines. "1150 Commerce Boulevard represents an unparalleled combination of best-in-class asset quality, integral logistics connectivity, and an excellent tenant story."
For additional information on this transaction, please see CoStar COMPS #2600219.