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Invesco Real Estate Pays Top Dollar for West Essex Logistics Center

Cushman & Wakefield Facilitates Major Industrial Property Sale
Formerly CIT Bank’s headquarters, the sale represents the final stage in the successful redevelopment of a vacant office building into a modern logistics facility by Bluewater Property Group and fully leased to Accem Warehouse. (CoStar)
Formerly CIT Bank’s headquarters, the sale represents the final stage in the successful redevelopment of a vacant office building into a modern logistics facility by Bluewater Property Group and fully leased to Accem Warehouse. (CoStar)
By Megan Barcikowski
CoStar Research
June 6, 2023 | 6:12 P.M.

In one of the largest industrial property sales of the second quarter, Invesco Real Estate purchased the West Essex Logistics Center in Livingston, New Jersey for $98.5 million. At more than $335 per square foot, the price was one of the highest ever recorded on a per-square-foot basis for a newly built distribution center in the Garden State.

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