The buyer, Kennedy International, is a general houseware wholesaler. The company is currently situated in a 192,000-square-foot facility in Dayton.
The new facility, located on a site on Old Water Works Road, Old Bridge, according to CARA, will be a 315,000-square-foot facility with 42-foot clear ceilings and 40 loading docks.
Howard Applebaum, president of CARA, represented Kennedy International in the purchase from The Brunetti Organization. Sills, Cummis & Gross and ARCODB were also involved in the transaction.
“KII engaged Mr. Howard Applebaum, President of Corporate America & Realty Advisors to create a strategic plan that included a 300,000-square-foot distribution facility with a 40-foot clear minimum ceiling height within a specific area of Middlesex County,” CARA said in a news release. “Applebaum implemented this plan that included a short term sublease at a nearby 140,000-square-foot warehouse in Dayton, NJ.
“Slated for completion in April 2017, this warehouse includes racking and office furnishings that KII purchased at a deep discount and were ‘rolled into’ the larger 192,000-square-foot Dayton ‘long term leased’ facility. The successful plan included KII leasing out their original 190,000-square-foot, 24-foot clear facility in South Brunswick at a higher rent than they paid at the Dayton facility.”
Financial terms for the transaction were not disclosed.
CARA said the facility will be the first industrial building in Old Bridge exceeding 130,000 square feet to be built since the mid-1970s.