Industrial Property Trust to Acquire CostCo Distribution Center in NJ for $23.5M

Photo: LoopNet

A subsidiary of Denver-based Industrial Property Trust Inc. has agreed to acquire a 100 percent fee interest in the 8A Distribution Center, an industrial building at 1 Jebara Way in Monroe Township, NJ, for $23.5 million, exclusive of transfer taxes, due diligence expenses, and other closing costs.

Joel Lubin of Jones Lang LaSalle brokered the transaction, according to the contract, a copy of which can be found by clicking here.

The seller is CostCo Way 8, LLC.

The property totals 293,000 square feet on 16.0 acres. The building is currently partially leased to one customer under a lease that expires in November 2016.

The acquisition of the 8A Distribution Center is expected to close in the first quarter of 2015,