BigNews.Biz - Jun 25,2012 - Commercial real estate services firm Cushman & Wakefield, Inc. has orchestrated the $10.7 million trade of 65 Clyde Road in Somerset. TA Associates Realty purchased the 159,000-square-foot industrial property from Cornerstone Real Estate Advisers.
Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel and Kyle Schmidt of the firm’s Metropolitan Area Capital Markets Group in East Rutherford, N.J., marketed 65 Clyde Road with industrial brokerage specialists Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen, based in the firm’s Edison, N.J., office.
Built in 1998 on a 10.5-acre site, the warehouse/flex building is fully leased to six tenants. Its divisible and functional space serves warehouse/distribution, light manufacturing and laboratory uses. A stone, glass and aluminum façade creates curb appeal for sales and front offices, while 24-foot clear ceilings, 40-foot by 40-foot column spacing and 24 truck doors contribute to the building’s efficient design.
“65 Clyde Road serves a real need for industrial, R&D and high-tech tenants looking for an efficient space that also offers a higher-end corporate image for the firm’s clients,” Schmidt noted. “Additionally, the Lower I-287 Corridor offers a strong labor pool and N.J. Turnpike proximity, making it a historically strong industrial market. Somerset offers the added benefit of being on the Princeton and Rutgers Research Corridor, providing a draw for technology-related tenants.”
These advantages drew significant interest from institutional buyers from around the country, according to Bernhaut. “The number of inquiries we received for this relatively small deal really was impressive,” he said. “The resulting bidding war speaks to an insatiable investment appetite for quality industrial real estate in the Northern New Jersey market, where very limited supply continues to come online.”
Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $16 billion worth of transactions since 2000.