Friday, January 25, 2019

Liberty Property Trust Inks Full-Building Lease in NJ

Liberty Property Trust has signed a 302,500-square-foot industrial lease with The Gilbert Co. at 19 Crows Mill Road in Keasbey, N.J. The supply-chain service company will occupy the entire building, which has been vacant following Achim Importing Co.’s relocation.

The single-story property features extensive trailer storage, 180 dock doors, solar panels and 110 parking spaces. Located on 25 acres near Exit 10 of the New Jersey Turnpike, the asset offers easy access to Port Newark/Elizabeth and New York City.

Lincoln Property Trust acquired the building from Alliance Shippers last September. According to Yardi Matrix, it traded for $41 million. In a separate transaction, the company purchased a warehouse in Inland Empire in the same timeframe.

“With this acquisition, Liberty has nearly doubled its footprint in Central and Northern New Jersey in the last 13 months with the acquisition of four properties totaling approximately one million square feet. Liberty entered the market in 2013 with the acquisition of three properties at Exit 8A and has since expanded its holdings up through the Meadowlands for a total of ten properties representing 2.2 million square feet,” said Liberty Property Trust Vice President of Leasing Peter Corcoran in a prepared statement.

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