Cushman & Wakefield announced that it has completed a 415-acre land sale at 2858 US Route 322 in Logan Township. F. Greek Development of East Brunswick acquired the property from Bridgeport Disposal, LLC, a corporate affiliate of Clean Harbors Corporation, for $12 million.
The seller was represented by the Cushman & Wakefield team of Matthew Marshall, Managing Director, and Jeffrey Williams, Managing Director in Philadelphia, Timothy Cahill, Director, in Chicago and Rory Murray, Executive Vice President, in Boston. The buyer was represented in-house.
The property was the largest non-deep-water-port industrial land site sold in New Jersey in 2016.
“We provided the Cushman & Wakefield marketing team with pricing parameters, a strict closing timeframe and clear criteria for the buyer we sought, and they did an excellent job executing this transaction,” said Bryan Girts, Bridgeport Disposal’s Vice President of Real Estate.
Cushman & Wakefield’s Marshall affirmed, “Our team’s ability to identify the ideal buyer enabled us to attain a highly competitive price and complete the sales process and the closing efficiently and on schedule.”
Situated a mid-point between New York City and Washington DC, the property offers direct access to Interstate 295 and US Route 322 as well as to the New Jersey Turnpike. It is in proximity to the Ports of Philadelphia, Newark-Elizabeth and Baltimore, and serviced by Norfolk Southern and CSX railroads. This strategic location makes it an ideal choice for firms looking to locate or relocate their distribution centers in Southern New Jersey’s rapidly growing industrial market.
David Greek, who handles new development and acquisition opportunities for F. Greek Development, said the firm intends to develop a 3-million-square-foot master-planned industrial park on the site. Cushman & Wakefield’s Philadelphia office will be retained to assist in marketing the new Logan North Industrial Park’s Class A warehouse distribution space.
“We believe this location is the best in the market, and we sought to capitalize on a fantastic opportunity to purchase a large-scale site in a region that is quickly evolving,” said Greek. “Philadelphia is evolving as a distribution destination, and as the Southern New Jersey submarket becomes more institutionalized there is a growing need for modern Class A space in a range of sizes. We consider this a long-term generational asset, a perspective that differentiated us from other potential buyers. We are excited to develop this property with longtime partner Advance Realty.”