Jones Lang LaSalle

WP Carey Sells 105,000-SF Warehouse
By Eric Peterson Last updated: April 5, 2006 09:56am
(To read more on the industrial market, click here.)

PISCATAWAY, NJ-WP Carey & Co. has sold the 105,000-sf warehouse building at One Possumtown Rd. here. The building traded for $3.85 million, or just under $37 per sf. However, the asset isn’t likely to be a warehouse much longer--buyer Lackland Associates, a local group, is said to be planning to turn the site into townhouses. Specific plans have not been announced and Lackland Associates could not be reached for comment.

"For this disposition, we worked closely with WP Carey," says Ward Greer, first vice president with CB Richard Ellis. Greer and CBRE colleagues Robert Pine and Patricia Riedel arranged the sale. "For WP Carey, this was a non-performing warehouse asset." Largely vacant, the building had recent been used for warehouse purposes by Anacom Systems/Fiber Span, SSI America and Proterion Corp.

The sale by no means takes WP Carey out of the local market. Just a year ago, as reported by GlobeSt.com, the New York City-based investment firm bought the six-building, 891,000-sf Telcordia Technologies headquarters campus for $119.3 million, or $134 per sf. Telcordia remains on-site with its office, lab and related operations under the terms of the sale-leaseback agreement.