Colliers International announced on Monday it has completed the sale of a 21 building, 241,410-square-foot industrial portfolio in West Berlin for $16.05 million.
The buyer was an affiliate of Blue Bell, Pennsylvania-based Industrial Investments Inc. and was represented by Michael T. Bown Sr. in the deal. Colliers’ Ian Richman and Marc Isdaner facilitated the sale.
The sale included the Bloomfield Business Park, which includes 16 multitenant warehouse/flex buildings and five multitenant buildings. The portfolio consisted of 55 tenants, including United Refrigeration, Cooper Electric, Bath Fitter, Terminix, ProSource and Ewing Irrigation, and was 98% occupied when the sale happened.
Regarding its recent purchase, incoming owner Industrial Investments said: “We are delighted to expand our footprint in the South Jersey Industrial Market with the acquisition of the West Berlin portfolio of master-planned, well-manicured, multi-tenant industrial buildings with excellent accessibility to consumers, retail locations and major roadways. The Bloom Organization has done an excellent job in the design, construction and management of this portfolio, and we are pleased to have had the opportunity to purchase such a desirable asset with the help and expert guidance from Marc and Ian. We look forward to further developing the property, utilizing the available lots on Route 73 for build-to-suit opportunities for retail, office or industrial buildings up to 25,000 square feet each.”
