CRANBURY, NJ— Bentall Kennedy, one of North America’s largest real estate investment advisors, advised an institutional investor client in the purchase of “Pearson at 8A,” an 886,826-square-foot distribution center optimized for both environmental sustainability and supply chain management. Fully occupied by Pearson Education, the property is strategically located at the New Jersey Turnpike Exit 8A at 258 Prospect Plains Road; its purchase price was approximately $98 million. The seller was Exeter Industrial Value Fund II.
“This property is one of the most sophisticated and well-located distribution centers in the New York-New Jersey region,” said Martin Standiford, Senior Vice President – Acquisitions for Bentall Kennedy U.S. “With a recently-extended 10-year lease and environmentally responsible building features such as the solar array and a reflective PVC roof, this acquisition was an ideal fit for our institutional client’s goals.”
Bentall Kennedy and Exeter thank the Cushman & Wakefield Metropolitan Area Capital Markets Group team of Andrew Merin, Gary Gabriel, David Bernhaut and Grace Braverman, who represented Exeter in the transaction.
The facility was originally constructed in 2001 as the northeast distribution center for Pearson, an education services company that provides education solutions, publications, and school support products and services, and the site remains a critical part of the company’s supply chain. Situated on 58 acres near Exit 8A of the New Jersey Turnpike, the site is also a designated foreign-trade zone (FTZ) and is just 34 miles from the Port of Newark/Elizabeth and Newark Liberty International Airport.
Pearson at 8A offersfeatures that will extend its relevance in the marketplace, offering 38.5-foot ceiling heights, 9-inch super-flat floors, and up to 90 dock doors. The facility also offers its tenants a 51,000 square foot office component, a fitness center and a cafeteria.
About Bentall Kennedy
Bentall Kennedy is one of North America’s largest real estate investment advisors and one of its foremost providers of real estate services. Bentall Kennedy serves the interests of more than 500 institutional clients across 140 million square feet of office, retail, industrial, and residential assets totaling over $30 billion.
Bentall Kennedy has a 100 year track record of delivering superior returns and a reputation for integrity, innovation and creating value. Bentall Kennedy is a member of UN PRI and is a recognized global leader in Responsible Property Investing.
Bentall Kennedy is privately owned by senior management and two of North America’s largest institutional investors, British Columbia Investment Management Corporation (bcIMC) and thePublic Employees’ Retirement System (CalPERS).
Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership and Bentall Kennedy (U.S.) Limited Partnership.
For more information, visit www.bentallkennedy.com.