AMB Property Corp. has paid an undisclosed price for a 452,000-square-foot industrial project in Edison, N.J.
The rail-served facility, renamed AMB New Durham Industrial Center, increases AMB’s market position in its Northern New Jersey/New York target market to 12.3 million square feet, according to a press statement. The property is located near major transportation nodes, including the Port of Newark/Elizabeth, Newark Liberty International Airport, and the confluence of major arteries including the New Jersey Turnpike and Middlesex Freeway.
At the time of purchase, the property was fully leased. The identity of the seller was not disclosed.
In addition to its operating portfolio, AMB has three projects totaling 709,000 square feet under development in the Northern New Jersey/New York market as of June 30, 2007.