ASB and Cohen Asset Management Buy $83M Northern NJ Distribution Center

549 Mill Road, Edison, NJ

NEW YORK CITY—ASB Real Estate Investments in a joint venture with Cohen Asset Management acquired a 570,100 square-foot, bulk warehouse distribution facility at 549 Mill Road in Edison, NJ for $83 million. The property is located within the Exit 10/I-287 industrial submarket of northern NJ. ASB made the investment on behalf of its Allegiance Real Estate Fund, a $7.3 billion core vehicle. The seller was JP Morgan Chase Bank, according to Real Capital Analytics.

The property, called Middlesex Logistics Center, is a four-year-old cross-docked industrial facility. It is 100% leased to List Logistics, a national third-party logistics and distribution company. The building features physical characteristics often sought in modern distribution buildings including 36-foot clear heights, 50 x 48-foot column spacing with 60-foot speed bays, 101 loading docks with four drive-in doors, ESFR sprinklers, and parking for 190 cars and 135 trailers.