Two Raritan Center industrial buildings have traded hands in a $25 million sale orchestrated by Cushman & Wakefield's Metropolitan Area Capital Markets Group. Federal Business Centers purchased the assets at 300 Columbus Circle and 400 Raritan Center Parkway from High Street Realty.
The adjacent, multi-tenanted properties total 204,440 square feet and are 90 percent occupied by tenants. Situated within Raritan Center immediately off of exit 10 of I-95, at its intersection with I-287, Garden State Parkway and Route 1, the properties offer unmatched accessibility to the greater tri-state region.
This transaction marks the third time the Metropolitan Area Capital Markets Group team has been involved in the sale of 300 Columbus Circle and 400 Raritan Center Parkway. "Each time, these assets have come to market with high occupancy and quality tenants," noted Cushman & Wakefield's Gary Gabriel, who headed the sale with team members Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew Siemsen. "Accordingly, each offering has drawn significant, competitive interest from the investment community."
"The buildings' Raritan Center address also adds to their appeal," Schmidt added. "This business park offers outstanding amenities and is uniformly considered a top location for industrial in New Jersey." The master-planned development contains more than 13 million square feet of industrial, office, and R&D space, as well as the New Jersey Convention and Exposition Center, several hotels, banks, a day care center, and the regional operations for both the United Parcel Service and Federal Express.
Based in East Rutherford, N.J., 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., Pennsylvania, and Delaware. The team has completed $21.7 billion worth of transactions since 2000, closing on $2.0 billion in 2015.
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