Taconic Partners and Nuveen Real Estate recently announced their acquisition of a warehouse and distribution facility for $55 million in Morristown, New Jersey.
Located at 1 Cory Road, the property encompasses a 296,000 square foot warehouse situated on 17 acres with plenty of parking space. Originally built in 1986, the property is 100% leased to a diverse range of tenants.
Global commercial real estate services firm Cushman & Wakefield brokered the transaction. Taconic Partners and Nuveen Real Estate have been collaborating since 2015, but this property is Taconic’s first industrial investment.
“Taconic is very pleased to have made its first industrial investment, which provides our portfolio with risk, product type and geographic diversification,” said Chris Balestra, President and Chief Investment Officer of Taconic Partners. “We continue to explore new opportunities within the industrial, warehouse and logistics space. 1 Cory Road presents an excellent opportunity for us to add value within a highly sought-after asset-class.”
“Our investment in 1 Cory Road will provide exposure to a sector with strong tailwinds, in a market where Nuveen Real Estate has deep experience in owning and successfully managing industrial assets,” said Nadir Settles, Managing Director and New York regional head at Nuveen.