Middlesex Logistics Center Edison NJ

November 26, 2018 Comments Off on JV Makes $83M Industrial Buy in NJ’s Exit 10 Submarket Views: 2423 New York News, Tri-State Area New York

JV Makes $83M Industrial Buy in NJ’s Exit 10 Submarket

ASB Real Estate Investments has acquired the Middlesex Logistics Center, 100% leased to List Logistics, in a joint venture with Cohen Asset Management. The JV paid $83 million for the 570,100-square-foot, Class A bulk warehouse-distribution facility in Edison, NJ, within the Exit 10 submarket.

“Only about 19% of Northern New Jersey product is considered modern inventory, and Exit 10 /Route 287 is one of the largest submarkets with newer product, second only to Exit 8A, 15 miles to the south,” said ASB’s Northeast region head, Brodie Ruland.

Both Washington, D.C.-based ASB and Los Angeles-based Cohen have a track record with tri-state industrial product. ASB made this latest investment on behalf of its $7.3-billion Allegiance Real Estate Fund. The acquisition of Middlesex Logistics Center adds to a Cohen portfolio of Northern New Jersey industrial that totals more than 3.6 million square feet.

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