German Fund Buying Crate & Barrell Distribution Center for $44 Million

Real Estate Alert reports that Deka Immobilienfonds, a German operator of open-end funds has agreed to pay about $44 million, or $65/sf, for a two-building Crate & Barrel Distribution Center complex that breaks ground next month in Cranbury, NJ. The price would bring an initial yield of 6.5%. The property will consist of two distribution buildings, one of which is to include a 9,000-sf factory outlet store, as well as land zoned for an additional 275,000-sf building. Rockefeller Group Development, which is developing the park, is the seller. Sphere: Related Content