Terms of the deal were not disclosed, but the sale concludes ownership’s successful redevelopment of the Shoppes at Hamilton, which was acquired in 2019 and demolished to make way for the newly completed modern warehouse.
The asset is situated on 16.6 acres of land and included a ground lease for a separate bank branch. Completed in 2021, the property features 36-foot clear heights, up to 40 loading positions, parking for 150 automobiles and trailer storage.
The property is located at Exit 7A along Route 130, directly off Interstate 195 — and, thus, is minutes from Interstate 95 and is easily accessible to Routes 1 and 206, allowing easy access to Philadelphia, New York City and the region’s ports.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt and Ryan Larkin represented the sellers, Penwood Real Estate Investment Management, through its fifth value-added investment vehicle, Penwood Select Industrial Partners V L.P., and Metrix Real Estate Services LLC, in the transaction.
Gabriel said the sale is a sign of the times
“Since the onset of the pandemic, logistics demand has dramatically accelerated as e-commerce spending increased,” he said. “The property’s strategic location in a tight New Jersey industrial market coupled with its long-term lease to a strong credit tenant made this a very attractive acquisition.”
Metrix Managing Partner Michael Nachamkin said the project did not require any zoning changes and received approvals very quickly from the municipality.
“The site provided an attractive opportunity to convert the retail center into in-demand industrial space,” he said.
Andrew MacDonald, vice president of acquisitions at Penwood, said the sale was the result of a lengthy team effort.
“This was a complex redevelopment that was delivered on schedule due to the expertise of the entire team,” he said. “The final result is a state-of-the-art asset that was in high demand. Great execution by all involved.”