138,000-SF Industrial Building is Sold

SOMERSET, NJ-Marubeni Realty has sold its 138,204-sf industrial facility at 2301 Cottontail Lane here to Trans-City Investments. The seller was represented in the transaction by the Somerset office of Teaneck, NJ-based Colliers Houston, while Binswanger/Klatskin spoke for the buyer. The terms of the transaction were not disclosed.

“Although the overall market has experienced some softening, the industrial real estate market still demonstrates strong demand for well-positioned real estate for investment by both the private and public sectors,” according to Colliers Houston vice president Michael Markey. Markey and associates Rick Arzapalo teamed up for the transaction. “The I-287 and New Jersey Turnpike corridors continue to stand out as a showcase for functional industrial product.”

The Cottontail Lane building is located at Exit 12 of I-287. The structure features 26-foot ceilings, 10 tailgates and offices on two floors.