Industrial Parks and Commercial Real Estate and Real Estate Investment Trust and Real estate deals and Real Estate & Retail

New Jersey firm pays $30.2M for Plainfield warehouse

February 20, 2014

A New Jersey-based real estate firm has purchased a massive distribution center in Plainfield from the two developers that built it.

Chambers Street Properties said Wednesday that it paid $30.2 million for the 622,440-square-foot warehouse at 445 Airtech Parkway. In the announcement, Chambers didn’t divulge the seller. But Browning Investments and Prologis completed construction of the distribution center early last year. A Browning executive did not return a call for confirmation.

Hartz Pet Products is the lone tenant and occupies the entire space.

“Having a long-term lease in place with a solid tenant makes this acquisition an exceptional addition to our portfolio,” Chambers' Chief Operating Officer Philip L. Kianka said in a prepared statement.
 
The acquisition includes an adjacent land parcel that can accommodate up to 227,000 square feet of expansion, Chambers said.

As of September, Chambers owned or had a majority interest in 131 properties in 22 states, Germany and the United Kingdom totaling about 34.5 million square feet.
 

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