{"id":1004679687,"date":"2023-09-12T03:02:54","date_gmt":"2023-09-12T11:02:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004679687"},"modified":"2023-09-12T05:16:18","modified_gmt":"2023-09-12T13:16:18","slug":"glp-capital-pays-54m-for-logistics-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/glp-capital-pays-54m-for-logistics-facility\/","title":{"rendered":"GLP Capital Pays $54M for Logistics Facility"},"content":{"rendered":"
\"\"<\/a>

GLP Capital Partners has purchased 34 Engelhard Drive in Monroe Township, N.J. Image courtesy of CBRE<\/em><\/p><\/div>\n

GLP Capital Partners<\/strong> has purchased 34 Engelhard Drive, a 203,000-square-foot distribution center located in Monroe Township, N.J.<\/p>\n

Clarion Partners<\/strong>, the facility\u2019s previous owner, sold the property for $53.8 million, and was represented by a CBRE<\/strong> team led by Vice Chairman Brian Fiumara. Following the sale, the brokerage firm will also handle the property’s leasing.<\/p>\n

34 Engelhard Drive was built in 1980 on a 12-acre site. The Class B facility features a 110-foot truck court, alongside rail-served mechanical loading doors with dock levelers and bumpers. According to CommercialEdge information, the facility\u2019s sole tenant is plastic packaging manufacturer Berry Global.<\/p>\n

The building\u2019s immediate neighbors include distribution centers operated by the likes of Prologis<\/strong> and L&R Distribution<\/strong>, as well as food storage and fabrication facilities. According to data from Cushman & Wakefield<\/strong>, Monroe Township lies within New Jersey\u2019s largest industrial market<\/a> by square footage\u2014Middlesex County\u2014which has more than 223 million square feet in its inventory.<\/p>\n

\n

READ ALSO:<\/strong> CBRE Capital Forecast: Caution This Year, Some Recovery Next Year<\/span><\/a><\/p>\n

\n

An on-ramp to the Interstate 95 sits 1.5 miles north, placing the facility near the midpoint of the drive from New York City to Philadelphia, cities located within 40 and 45 miles, respectively. Further along the Acela corridor, Boston and Washington, D.C., lie within a day\u2019s drive in either direction.<\/p>\n

The Garden State\u2019s strong industrial market<\/h2>\n

In many metrics, New Jersey is the strongest-performing industrial market in the Northeast. According to data from an August CommercialEdge report<\/a>, the Garden State recorded nearly $1.2 billion in sales year-to-date, and has the highest average rent among regional markets. Its pipeline of 9 million square feet comes second to Philadelphia, and eclipses Boston and Bridgeport, Conn.<\/p>\n

On the investment front, Thor Equities<\/strong> recently closed on a $26.6 million refinancing loan for a 220,000-square-foot property<\/a> in Bogota, N.J. Around that same time earlier this summer, Bridge Industrial<\/strong> purchased a 115,000-square-foot facility in Linden, N.J.<\/a>, located less than 20 miles from New York City.<\/p>\n

Meanwhile, South Jersey is the site of the Garden State Logistics Center<\/a>, a 1.7 million-square-foot industrial complex being jointly developed by PGIM Real Estate and CTR Partners.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBRE will handle leasing for the property.<\/p>\n","protected":false},"author":3012,"featured_media":1004679690,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,10],"tags":[32789,52166],"class_list":["post-1004679687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-northeast","tag-cbre","tag-glp-capital-partners"],"acf":[],"yoast_head":"\nGLP Capital Pays $54M for Logistics Facility - CPE<\/title>\n<meta name=\"description\" content=\"GLP Capital Partners has purchased 34 Engelhard Drive, a 203,000-square-foot distribution center in Monroe Township, N.J.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/glp-capital-pays-54m-for-logistics-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GLP Capital Pays $54M for Logistics Facility\" \/>\n<meta property=\"og:description\" content=\"GLP Capital Partners has purchased 34 Engelhard Drive, a 203,000-square-foot distribution center in Monroe Township, N.J.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/glp-capital-pays-54m-for-logistics-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-12T11:02:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T13:16:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/2023-09-11_16-24-26-e1694464222642.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/glp-capital-pays-54m-for-logistics-facility\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/glp-capital-pays-54m-for-logistics-facility\/\",\"name\":\"GLP Capital Pays $54M for Logistics Facility - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/glp-capital-pays-54m-for-logistics-facility\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/glp-capital-pays-54m-for-logistics-facility\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/2023-09-11_16-24-26-e1694464222642.jpg\",\"datePublished\":\"2023-09-12T11:02:54+00:00\",\"dateModified\":\"2023-09-12T13:16:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\"},\"description\":\"GLP Capital Partners has purchased 34 Engelhard Drive, a 203,000-square-foot distribution center in Monroe Township, N.J.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/glp-capital-pays-54m-for-logistics-facility\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/glp-capital-pays-54m-for-logistics-facility\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/glp-capital-pays-54m-for-logistics-facility\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/2023-09-11_16-24-26-e1694464222642.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/2023-09-11_16-24-26-e1694464222642.jpg\",\"width\":800,\"height\":620,\"caption\":\"34 Engelhard Drive. 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