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.