Wednesday, August 29, 2012

Cornerstone Real Estate Advisers LLC sell S. NJ Warehouse

"200 Birch Creek Road is a high quality warehouse/ distribution building containing 597,232 square feet, situated within the Pureland Industrial Complex in Bridgeport, New Jersey. The property was developed in 1990-91 by Emory Hill Development for the current tenant Becton Dickenson & Co., (exp. 8/13). Located at exit 10 of I-295, Southern New Jersey's primary north/south highway, the property benefits from extraordinary access to the Northeast US Distribution Corridor serving New York, Northern New Jersey,Baltimore, & Washington DC metro areas in addition to the Greater Philadelphia MSA. The building offers 25' clear, 42' x 42' column spacing, 2.1% office, 50 tailgates and 2 drive-in doors.

"Becton Dickinson’s consolidation of east coast operations into another market represented a unique opportunity for a value-add investor’s first entrance into the Southern New Jersey market,” Mr. Hines said.  “The lack of efficient, flexibly designed bulk warehouse/distribution availabilities, particularly 500,000 square feet and larger, along the I-95 Industrial Corridor was apparent in the high level of interest in this offering.”

The seller was Cornerstone Real Estate Advisers LLC of Hartford, CT and the buyer was Hillwood Investment Properties, a Perot Company, in a partnership with Brookfield Asset Management."

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