November 26, 2018
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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