A nearly 772,000-square-foot industrial building in Cranbury has changed hands as the centerpiece of a three-state, 2.3 million-square-foot portfolio acquisition by CBRE Investment Management.
The Cranbury property, which sits at the Exit 8A submarket, is the single largest asset in a deal that also picked up three buildings in Charlotte and two in Atlanta, all purchased for an undisclosed price on behalf of a separate account client.
“This portfolio represents exactly the type of acquisition our team has been targeting: modern, well-located logistics assets in core markets where we have conviction in long-term fundamentals and the operational expertise to execute,” Christopher Sullivan, director of the Americas direct logistics team at CBRE Investment Management, said.
The fully leased portfolio is made up of what the company calls high-quality, institutional-grade properties, with modern specs including 32- to 40-foot clear ceiling heights, ESFR sprinklers, LED lighting and functional loading and parking configurations.
“At 2.3 million square feet, this is a significant addition to our logistics platform and reflects the scale we are able to deliver for our clients through deep market relationships and a disciplined, a high-conviction approach to capital deployment,” Jesse Harty, head of the Americas logistics operator division at CBRE Investment Management, said.
The Charlotte asset sits along the Interstate 77 corridor in Iredell County, in one of the fastest-growing affluent submarkets in the Southeast, while the Atlanta property is in the supply-constrained Interstate 20 West submarket, with direct access to Hartsfield-Jackson Atlanta International Airport and the Port of Savannah.
