GLP Capital Partners has acquired 34 Engelhard Drive, a 203,000-square-foot industrial property in Monroe Township, NJ., for $53.8 million from Clarion Partners. Located on a 12-acre site with access to I-95 and constructed in 1980, the facility was sold following an extensive marketing campaign led by CBRE’s Brian Fiumara who represented the seller during negotiations.
Fiumara commented that “New Jersey’s industrial market continues to show incredible resilience despite some economic headwinds,” adding “This transaction is indicative of strength of the sector, especially for well-located warehouse/distribution facilities that meet continued robust demand.”
The sale of this Monroe Township Industrial Property demonstrates ongoing strength within New Jersey’s industrial real estate market despite current economic conditions and highlights continued strong demand for strategically located warehouses and distribution centers.
