An undisclosed buyer recently purchased 15 acres of prime industrial development land at 200 Cottontail Lane in Somerset, New Jersey, for $30.75 million.
The property was reportedly purchased with the intent of repositioning the existing 209,000 square-foot multi-story office building, which was built in 1986, and constructing a new warehouse distribution center. The property was earmarked for redevelopment due to the Franklin Township rezoning their Corporate Business District to allow for various industrial uses.
The sale was organized by CBRE. The CBRE Investment Properties team – consisting of Mark Silverman, Elli Klapper, Charles Berger, and Jeremy Wernick – worked in conjunction with Kevin Dudley of CBRE’s Industrial & Logistics Group to secure the acquisition on behalf of the buyer.
“Our client’s focus on investing in logistics assets in key development markets across the U.S. has helped them amass a development pipeline of more than $5.6 billion and over 3,000 properties. This is one of the numerous off-market deals we have been involved in in the Somerset area in the past few years,” said Silverman. “There continues to be significant interest in industrial repositioning due to the supply chain pipeline issues being seen worldwide and lack of developable industrial land in New Jersey. We had to move quickly to secure this property for our client, who is excited to develop a high-quality warehouse facility in an extremely tight industrial market.”