Facebook Twitter LinkedIn Google Plus RSS

Cranbury distribution center changes hands in $98M sale

By ,

A massive Cranbury distribution center used by Pearson Education is changing hands for nearly $100 million, according to firms involved with the deal.

Exeter Property Group, based in Plymouth Meeing, Pa., has sold the 887,000-square-foot industrial building to an unnamed investor, according to a news release. The 12-year-old property at 258 Prospect Plains Road is fully occupied by Pearson, the Upper Saddle River-based textbook publisher.

Cushman & Wakefield, which represented Exeter, said the company acquired the site only two years earlier for some $80 million. Broker Gary Gabriel said Exeter was "able to unleash additional value" by extending the Pearson lease for 10 years and prepaying debt on the building, giving way to a $98 million sale to the new investor.

Gabriel, Andrew Merin and David Bernhaut, all of C&W's metropolitan area capital markets group, represented the seller of the building, known as Pearson at 8A. The buyer was advised by Seattle-based Bentall Kennedy.

The deal continues a trend of large investment sales this year for industrial sites in northern and central New Jersey. They included another major deal involving Exeter, which in May acquired the 1.2 million-square-foot International Trade Center, in Mount Olive, for $59 million.

Correction: Due to an editing error, the subject line of today's daily newsletter named the incorrect seller of the property. It is correct in the story above.

You May Have Missed...

Write to the Editorial Department at editorial@njbiz.com

Related Stories

Leave a Comment


Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy