Property Reserve, based in Salt Lake City, Utah, acquired the industrial building at 1065 Cranbury South River Rd. in South Brunswick, New Jersey, from Morgan Stanley for $138.5 million, or $307.55 per square foot, according to the deed in public record.
The 450,330 square-foot distribution, known as Eastpoint at Exit 8A, was built in 2018 and is fully leased at the time of sale to Iron Mountain Information Management.
Property Reserve owns 108 properties totaling more than 20 million square feet across its portfolio. Its industrial holdings span 20 properties comprising approximately 6.99 million square feet, about 18.5% of its total property count.
For the record
Brian Fiumara, vice chairman, and Brad Ruppel, senior vice president, both of CBRE, represented the seller, Morgan Stanley, and procured the buyer.