A seven-building industrial portfolio in South Jersey has been sold, according to real estate firm CBRE.
The property, known as the Southern New Jersey Core Infill Portfolio, includes seven buildings totaling 553,548 square feet in Delran, Mount Laurel and Swedesboro. Foxfield Industrial sold the properties for an undisclosed amount to an undisclosed buyer.
CBRE National Partners’ Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki handled the marketing campaign and negotiated the sale transaction on behalf of the seller.
“The sale of the Southern New Jersey Core Infill Portfolio is emblematic of the integral role of highly functional, infill warehouse/distribution buildings proximate to Interstate 295, U.S. Route 130 and the Philadelphia bridges to the region’s logistics network,” Ruppel, a senior vice president, said in a prepared statement. “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.”
The property is 88.7% leased to several warehouse and distribution tenants, CBRE said.
The buildings are located at:
- 600 and 601 Delran Parkway, Delran;
- 820 East Gate Drive, Mount Laurel;
- 116 Gaither Drive, Mount Laurel;
- 603 Heron Drive, Swedesboro;
- 614 Heron Drive, Swedesboro;
- 1 Killdeer Court, Swedesboro.