CRANBURY, NJ—Savills LLC, with North American headquarters in New York, has advised Deka Immobilien of Germany on its disposition of the Deka Special Fund’s two-building industrial property in Cranbury, N.J. to Indianapolis, Ind.-based Duke Realty in an off-market transaction in which the price was not disclosed.Savills worked on the assignment with Newmark Associates of Whippany, N.J.
Located in a Foreign Trade Zone (FTZ) off of the New Jersey Turnpike, the property is comprised of two, single-story, class-A warehouse/distribution buildings that were completed in 2004 and 2007, respectively. Taken together, the two buildings total 949,580 sq. ft. of space, which are entirely leased to Crate & Barrel on a triple-net basis until 2020.
“Due to strong market demand for prime industrial assets, Deka Immobilien was able to achieve a profit on the sale of this asset to their investors,” said Robert Stamm, executive managing director of the Savills US cross-border team, who represented the seller in the transaction.