CBRE announced the sale of the Southern New Jersey Core Infill Portfolio, a seven-building, 553,548 sq. ft. industrial portfolio located in Delran, Mount Laurel and Swedesboro. The assets are currently 88.7 percent leased to a number of warehouse and distribution tenants including Food Sciences, Inc., Carnegie Pharmaceuticals, LLC and The Jewelry Group, Inc.
Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE National Partners spearheaded the marketing campaign and negotiated the sale transaction on behalf of the seller, Foxfield Industrial.
“The sale of the Southern New Jersey Infill Portfolio is emblematic of the integral role of highly functional, infill warehouse/distribution buildings proximate to Interstate 295, US Route 130 and the Philadelphia bridges to the region’s logistics network,” said Ruppel, senior vice president, CBRE. “Projectable income from entrenched core tenancy, enduring high flow-through functionality and leasing upside made this an extremely attractive opportunity to capitalize on the continued evolution of the New Jersey industrial corridor.”
Comprised of 600 and 601 Delran Parkway in Delran; 820 East Gate Drive and 116 Gaither Dr. in Mouth Laurel; and 603 Heron Dr., 614 Heron Dr. and 1 Killdeer Court in Swedesboro, each of the portfolio’s assets are positioned within 1.5 miles of Interstate 295, the New Jersey Turnpike or US Route 130.
These locations, in extreme barrier-to-entry logistics concentrations, provide access to an abundant labor pool and densely populated urban and suburban consumer populations. The properties have benefitted from institutional management and maintenance, including a consistent capital infusion program under Foxfield Industrial’s ownership.
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