Taconic enters industrial market with Nuveen joint venture

Developers paid $55M for 296K sf asset in Morristown, NJ

New York /
Dec.December 23, 2021 01:30 PM

From left: Paul Pariser, co-CEO, Taconic Partners, and Mike Sales, CEO, Nuveen Real Estate, in front of 1 Cory Road in Morristown, NJ (Getty Images, Nuveen Real Estate, LoopNet)

Taconic Partners and Nuveen Real Estate are at it again. This time, the duo marked Taconic’s entry into the industrial market.

The partners acquired a 296,000-square-foot asset in Morristown, New Jersey, for $55 million, the Commercial Observer reported. The seller of the property at 1 Cory Road was not disclosed.

The property sits on a 17.9-acre site and features a rooftop solar system and 6.5-acre parking area. According to the Observer, the facility was built in 1986 and is 100 percent leased to different third-party logistics companies.

The sale was arranged by a team from Cushman & Wakefield.

Taconic and Nuveen have a plethora of experience working together on development deals.

Earlier this month, the developers (along with Flatiron Equities) acquired an 87,000-square-foot building at 309 East 94th Street from the Karten family for $70 million in cash. The future of the property is unclear, but general and medical office redevelopments are among the considerations.

In August, the partners landed a $125 million refinancing package for their renovated Union Square office building at 817 Broadway. Ares Commercial Real Estate and Criterion Real Estate Capital provided the debt on the landmarked building.

The heat of the industrial real estate sector is warming the hearts of many in New Jersey during the holiday season, as deals continue with breathless abandon.

Industrial investment firm Faropoint earlier this week picked up a 10-building portfolio from Kushner Companies for $132.5 million. The portfolio spans more than 654,000 square feet and is a combined 98 percent leased.

The deal came days after EverWest Realty Partners acquired a three-building portfolio in Moonachie for nearly $66 million. The 190,000-square-foot portfolio is located in the Meadowlands, an infill location in high demand.

High demand has essentially blocked off the leasing of warehouse space in the state. A report from JLL in November revealed the vacancy rate of Class A properties in the state to be a measly 0.2 percent.

[CO] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Equity Group Investments chairman Sam Zell (Getty, iStock)
    Office market’s recovery will outpace retail amid “viability” questions, Zell says
    Office market’s recovery will outpace retail amid “viability” questions, Zell says
    (iStock)
    CRE sales hit record $809B in 2021
    CRE sales hit record $809B in 2021
    Steven Pozycki, chief executive officer, SJP Properties, in front of 111 River Street in Hoboken, NJ (SJP Properties, LoopNet, iStock)
    SJP, David Werner buy waterfront Hoboken office, retail property
    SJP, David Werner buy waterfront Hoboken office, retail property
    SUNY WCC President Belinda Miles and the Cross County Center in Yonkers (Great Ink Communications/Marx Realty)
    College leases 40K sf at ex-Sears in Yonkers
    College leases 40K sf at ex-Sears in Yonkers
    Meridian Capital’s Ralph Herzka with 165 Central Avenue, 198 Scholes Street, 11 Gunther Place in Brooklyn (Getty, Google Maps, Apartments)
    Meridian Capital could get exclusive on All Year’s $1B portfolio
    Meridian Capital could get exclusive on All Year’s $1B portfolio
    Southampton Town supervisor Jay Schneiderman (jayschneiderman.com, Google Maps)
    Southampton Town considers buying 40 acres
    Southampton Town considers buying 40 acres
    Alan Feldman, chief executive officer, president & chairman of the board, Resource REIT; Stephen Schwarzman, chairman, ceo & co-founder, Blackstone (Resource REIT, Getty Images, 1000 Spalding Apartment Homes)
    Blackstone to pay $3.7B for REIT in latest rental push
    Blackstone to pay $3.7B for REIT in latest rental push
    Kamson founder Richard Kurtz and 1 Frick Drive (Sotheby's International Realty)
    “We’re done”: Seller comes to grips with NJ mansion mistake
    “We’re done”: Seller comes to grips with NJ mansion mistake
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...