A three-building logistics portfolio in South Jersey has sold, according to real estate firm CBRE.
The Southern NJ Logistics Portfolio includes three properties totaling 401,827 square feet. The portfolio was 100% occupied at time of sale.
The properties are:
- 1090 Thomas Busch Memorial Highway, Pennsauken, 168,737 square feet, occupied by SupplyOne;
- 823 East Gate Drive in Mount Laurel, 147,700 square feet, occupied by six tenants; and
- 300 Richards Run, Burlington, 85,390 square feet, occupied by Barton & Cooney.
The buildings were acquired by High Street Logistics Properties from a private South Jersey-based developer. Financial terms of the transaction were not disclosed.
A CBRE National Partners team of Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki led 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,” Hines said in a prepared statement. “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.”