CALL FOR OFFERS: SEPTEMBER 14th |
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511 ROUTE 33
MILLSTONE, NEW JERSEY
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Please be advised that bids for Millstone @ Exit 8 are due Thursday, September 14, 2023 via email to the undersigned.
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As exclusive agent, Cushman & Wakefield’s National Industrial Advisory Group is pleased to offer Millstone @ Exit 8 for sale. Fully leased prior to completion, Millstone @ Exit 8 totals 220,695 SF and is located on Route 33 offering direct access to/from Exit 8 of the NJ Turnpike / I-95 and Route 9, respectively. Millstone @ Exit 8 benefits from North/South/East/ West accessibility via the NJ Turnpike/I-95 corridor which provides connectivity to NYC, PHL, the ports and beyond.
Situated on 25.42 acres, the newly completed Millstone @ Exit 8 features 36 foot clear heights, 54 cross-docked loading positions, 160 and 34 car and trailer parks and 130 foot truck court depths. The Property is part of a +/-140.08-acre, 1.22 MSF two-building industrial park within the Exit 7A/8A submarket, one of Northern New Jersey’s most sought after submarkets. The Exit 7A/8A submarket totals 96 MSF and has seen Class A taking rents increase by 134% since 2018. The market experienced 30.4 million square feet of leasing activity and 17.1 million square feet of absorption since 2018, and is home to regional hubs for the global “Who’s Who” of logistics firms including Amazon, DHL, Colgate, FedEx, USPS, LG Electronics, Wayfair, Home Depot, Crate & Barrel, Lowe’s and many others.
Completed in December 2022, current ownership executed a lease to United Legwear for its northeast distribution through 2028, 4.3 years from anticipated closing date. Annual net rent of $3,056,626 ($13.85/square foot) commenced in March 2023 and includes 4% annual rent escalations.
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INCOME SURETY WITH CONTRACTUAL RENT INCREASES
• 220,695 SF newly built, fully leased building
• United Legwear executed a 5 year lease at $13.85 PSF with 4% contractual annual rent
increases
• United Legwear’s partners include national brand name department stores, warehouse clubs, clothing, accessories and apparel companies, e-commerce and dollar stores, among others including Macy’s, Bloomingdales, Nordstrom, JC Penny, Amazon, Costco, BJ’s Wholesale
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NEW CONSTRUCTION WITHIN ONE OF THE TOP INSTITUTIONALLY OWNED SUBMARKETS
• Delivered in 2022, 220,695 SF building on 25.42 acres within a two building park, totaling 1.2 MSF, on+/-140.08 acres
• Best-in-market design and functionality: 36’ clear heights, cross-docked, 160 car parks, 34 trailer parks, 54 loading positions, ESFR and LED
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NORTH / SOUTH / EAST / WEST ACCESS ALONG THE NJ TURNPIKE/I-95 CORRIDOR
• Frontage along Route 33, 5 minutes/miles to NJ Turnpike/I-95, approximately 55 minutes to NYC and PHL via I-95
• The NJ Turnpike/I-95 widening program completed in 2014 rebuilt the Exit 8 interchange and improved traffic flow. Trucks movements to/from Exit 8 are more efficient than much of the Exit 8A interchange due to inferior roadway design and congestion
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RECORD EXIT 7A, 8 & 8A MARKET RENT GROWTH & OCCUPIER DEMAND
• Exit 7A, 8 & 8A Class A taking rents increased 134% since 2018
• 30.4 MSF of market leasing activity in since 2018 17.1 MSF of absorption occupancy
• Strong global occupier submarket for regional hubs including Amazon, DHL, Colgate, FedEx,
USPS, LG Electronics, Wayfair, Home Depot, Crate & Barrel, Lowe’s and many others
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LOADING POSITIONS
50 Dock Doors
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PARKING
160 Car Parks | 34 Trailer Parks
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H. GARY GABRIEL
Executive Vice Chairman
+1 201 460 3352
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ANDREW J. MERIN
Executive Vice Chairman
+1 201 460 3358
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DAVID W. BERNHAUT
Executive Vice Chairman
+1 201 460 3356
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KYLE B. SCHMIDT
Executive Managing Director
+1 201 508 5266
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RYAN J. LARKIN
Managing Director
+ 1 201 460 3346
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CHUCK FERN
Executive Vice Chairman
+ 1 732 243 3101
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JASON BARTON
Vice Chairman
+1 732 243 3104
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JOHN ALASCIO
Vice Chairman
+1 212 841 9238
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CHUCK KOHAUT
Senior Director
+ 1 201 528 2154
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TJ SULLIVAN
Senior Director
+1 212 841 7977
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Cushman & Wakefield, LLC | Capital Markets
One Meadowlands Plaza, 7th Floor, East Rutherford, NJ
+1 201 935 4000
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© 2022 Cushman & Wakefield. All rights reserved. The information contained in this communication is confidential, may be privileged and is intended for the exclusive use of the above named addressee(s). If you are not the intended recipient(s), you are expressly prohibited from copying, distributing, disseminating, or in any other way using any information contained within this communication. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE. This e-mail may be considered advertising under federal law. |
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