{"id":1004150767,"date":"2016-08-24T06:00:42","date_gmt":"2016-08-24T14:00:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004150767"},"modified":"2020-05-18T03:39:26","modified_gmt":"2020-05-18T11:39:26","slug":"tiaa-makes-strategic-nj-industrial-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tiaa-makes-strategic-nj-industrial-buy\/","title":{"rendered":"TIAA Makes Strategic NJ Industrial Buy"},"content":{"rendered":"<p>By Ioana Neamt<\/p>\n<div id=\"attachment_1004150768\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/51-Commerce-Dr-South-Brunswick-NJ.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004150768\" data-attachment-id=\"1004150768\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tiaa-makes-strategic-nj-industrial-buy\/51-commerce-dr-south-brunswick-nj\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/51-Commerce-Dr-South-Brunswick-NJ.jpg\" data-orig-size=\"460,345\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"51-Commerce-Dr-South-Brunswick-NJ\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/51-Commerce-Dr-South-Brunswick-NJ.jpg?w=460\" class=\"wp-image-1004150768 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/51-Commerce-Dr-South-Brunswick-NJ.jpg\" alt=\"51 Commerce Drive, South Brunswick, N.J.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/51-Commerce-Dr-South-Brunswick-NJ.jpg 460w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/51-Commerce-Dr-South-Brunswick-NJ.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004150768\" class=\"wp-caption-text\">51 Commerce Drive, South Brunswick, N.J.<\/p><\/div>\n<p><strong>New York<\/strong>\u2014<a href=\"https:\/\/www.tiaa.org\/public\/assetmanagement\" target=\"_blank\">TIAA Global Asset Management<\/a> has recently acquired a 220,000-square-foot industrial property in South Brunswick, N.J., from Ivy Equities. A <a href=\"https:\/\/www.cushmanwakefield.com\/\" rel=\"nofollow\" target=\"_blank\">Cushman &amp; Wakefield<\/a> Metropolitan Area Capital Markets Group team comprising Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald facilitated the transaction.<\/p>\n<p>Located on 14 acres at 51 Commerce Drive, the property is fully occupied and strategically situated just 45 miles from New York City and 55 miles from Philadelphia. According to Cushman &amp; Wakefield, one-third of the nation\u2019s population is reachable within a one-day drive. Tenants include Lenox, EDA International, Salesmaster Associates and Halsted Corp.<\/p>\n<p>\u201cThe company invested more than $1 million to remove mezzanine space, modernize the sprinkler system, upgrade the warehouse to LED lighting and build new office restrooms,\u201d Cushman &amp; Wakefield\u2019s Gary Gabriel explained in a statement. \u201cThese capital improvements helped drive occupancy to 100 percent, with an average in-place lease term of 9.4 years.\u201d<\/p>\n<p>\u201cExit 8A has long been New Jersey\u2019s strongest industrial market, and investor and tenant demand both continue unabated,\u201d added Kyle Schmidt. \u201cThe sale of 51 Commerce provides an example of how quality, leased real estate\u2014whether or not it is first-generation space\u2014is attracting strong interest.\u201d<\/p>\n<p><em>Image courtesy of Cushman &amp; Wakefield<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property is located near the New Jersey Turnpike&#8217;s exit 8A, the state\u2019s strongest industrial market.<\/p>\n","protected":false},"author":192,"featured_media":1004150768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,1600,21742,10],"tags":[],"class_list":["post-1004150767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-new-york","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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