NEW JERSEY—CenterPoint Properties has acquired the primary distribution center of bookseller Barnes & Noble in Monroe Township, N.J. for $83 million. The seller, a pension fund advisory firm, was represented by Andrew Merin, Gary Gabriel, David Bernhaut and Brian Whitmer of Cushman & Wakefield’s metropolitan area capital markets group, while the buyer was also procured by Cushman & Wakefield.
Totaling approximately 1.2 million sq. ft. of class A industrial space, the property is situated on 73 acres at Exit 8A of the New Jersey Turnpike. Constructed in 2005, the building is approximately 35 minutes from the Port of Newark/Elizabeth and can accommodate an expansion of up to 100,800 sq. ft. The building is fully air-conditioned, features 39-ft. clear ceilings, 115 loading doors, a cafeteria and a fitness center.
“The tenant, whose lease runs through 2020, invested approximately $100 million into the building,” Merin said. “With its high ceilings, amenities and infrastructure, it is fully configured for e-commerce fulfillment, which is what the world is looking for today.”