CBRE facilitates sale of three-building Southern NJ logistics portfolio totaling 401,827 s/f
- MAREJ
- Aug 11, 2021
- 2 min read
South Jersey —CBRE has completed the sale of the Southern NJ Logistics Portfolio, a three-building industrial portfolio totaling 401,827 s/f. The properties—300 Richards Run in Burlington, 1090 Thomas Busch Memorial Hwy. in Pennsauken, and 823 East Gate Dr. in Mount Laurel, NJ—were acquired by High Street Logistics Properties from a private Southern New Jersey based development company. The portfolio was 100% occupied at the time of sale.
The CBRE National Partners’ team comprised of Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki spearheaded the marketing campaign for the portfolio.
“The three-building portfolio provides the new ownership with the unique opportunity to capitalize on existing below market rents as well as surging rent growth in the Southern New Jersey industrial market,” said Hines. “A lack of available, functional logistics space in Northern and Central New Jersey, and the continued strength of labor and location studies in Southern New Jersey have merged the markets, manifesting in unprecedented leasing volume in Burlington, Camden, and Gloucester Counties, making the Southern NJ Logistics Portfolio an ideal investment opportunity.”
300 Richards Run (85,390 s/f), fully occupied by Barton & Cooney, is located in an established industrial park with excellent super-regional highway access and functional clear height ceilings (22’) and column spacing (40’ x 40’). It also boasts several potential expansion options.
1090 Thomas Busch Memorial Highway (168,737 s/f) offers market leading car and truck parking capacity, as well as an opportunity for different potential expansion options. The tenant, SupplyOne, has made a significant investment into their space, including heavy production and manufacturing equipment.
823 East Gate Dr. (147,700 s/f), occupied by six different tenants, is situated in an established industrial park adjacent to I-295. It features an exclusive outdoor storage space, ample car and truck parking allowing for a wide array of tenant uses, and a 100-foot truck court providing for better functionality and circulation.
