Cohen continues to binge on NJ industrial

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LA-based
investment firm Cohen Asset Management has closed on the $29.6 million
acquisition of another New Jersey warehouse property.

CBRE represented
the seller, Scannell Properties, in the sale of 2555 Kuser Road in Hamilton,
a 145,950 s/f industrial warehouse, located within an hour of Newark and
Philadelphia International Airports, Port Newark and Port Elizabeth.

The property is currently under
construction and expected to deliver in February 2021.

The CBRE National
Partners’ team of Brian Fiumara, Michael Hines, Brad Ruppel
and Lauren Dawicki led the marketing efforts and represented Scannell
Properties, an Indianapolis-based development and investment company.

The new owner
has appointed CBRE the exclusive leasing agent for the property, which has
67,365 s/f available. CBRE’s Mindy Lissner, Robert Pine, Ben Shapiro,
Dan McGovern and David Gheriani will lead the leasing efforts.

“The Kuser Industrial Center offered a unique opportunity to acquire a new
Class A industrial property that benefits from superior highway access and an
abundant available labor pool in a location equidistant from Port Newark, Port
Elizabeth and the Port of Philadelphia,” said Fiumara.

The
acquisition follows Cohen’s acquisition earlier this week of an 18-building
industrial portfolio totaling 725,000 s/f across the Meadowlands and
surrounding markets in New Jersey.

CAM has
acquired over 40 buildings in the New Jersey/New York marketplace in the
current investment cycle totaling over six million square feet, with a current
footprint of 33 buildings exceeding three million square feet.

Jason
Haas, Co-Chief Investment Officer of Cohen Asset Management, stated,
“High-quality industrial and logistics properties with the locational and
functional attributes of Kuser Industrial Center play an even greater role in
today’s supply chain, and we are excited to add this state-of-the-art logistics
property to our growing New Jersey portfolio.”

Located off
I-195 with easy access to the New Jersey Turnpike, the Kuser Industrial Center
offers nine modern loading docks with the ability to add eight more, 2,000 sq.
ft. of office space, 36-foot ceilings, LED lighting throughout, a 130-foot
truck court and parking for 52 cars.

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