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Brokerage
Posted: June 24, 2013
Stamm of Savills advises Deka Immobilien on sale of two industrial assets
Savills has advised Deka Immobilien of Germany on the disposition of the Deka Special Fund's two-building industrial asset to Duke Realty in an off-market transaction. The price was not disclosed.
The property is located in a Foreign Trade Zone, off Exit 8A of the New Jersey Turnpike and consists of two single-story class A warehouse/distribution buildings totaling 949,580 s/f. The entire property is leased to Crate & Barrel on a triple-net basis until 2020.
"Due to strong market demand for prime industrial assets, Deka Immobilien was able to achieve a profit on the sale of this asset to their investors," said Robert Stamm, executive managing director of the Savills US Cross-Border Team. He represented the seller in the transaction.
Savills worked on this assignment in cooperation with Newmark Associates of Whippany, NJ.
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