A 275,631-square-foot warehouse property in Bordentown sold for $60 million, according to a Wednesday announcement from Newmark.
Located at 201 Elizabeth St., the property was traded from the O’Donnell Group to Penwood Real Estate and offers 266,523 square feet of warehouse area and 9,108 square feet of office area. The building is situated on a 39.16-acre lot, which offers up to 140,767 square feet of additional expansion space. Building features include platform loading for two rail car positions, 24-foot ceiling height, 40-by-43-foot column spacing, 16 tailgate doors, four acres of outdoor storage, power provided by a new 13-KVA substation and parking for 80 cars and 120 trailers.
Newmark Executive Managing Directors Steven Schultz and Steve Tolkach, along with Managing Directors Kyle Eaton and Tony Georgiev, represented the seller. This is the Newmark team’s second time selling this building, having represented the seller in the 2017 sale to the O’Donnell Group.
“The New Jersey Turnpike area is one of the strongest warehouse/distribution markets in the northeast region,” Schultz stated. “With a high barrier to entry due to land scarcity in the surrounding municipalities, this building offers significant upside with the potential for nearly 150,000 square feet of expansion area.”
With convenient access to Exit 7 of the New Jersey Turnpike, 201 Elizabeth St. offers immediate entry to Routes 206 and 130 and Interstates 195 and 295. The property is strategically located within the Greater Philadelphia region, home to many transportation and logistics companies and a robust supply of distribution and warehouse facilities.
“With our first purchase in New Jersey in 2017 and this sale in 2022, we have been pleased with Newmark’s professionalism and expertise,” Doug O’Donnell, CEO and president of the O’Donnell Group, said. “We continue to focus on purchasing industrial buildings nationwide, primarily distribution centers and manufacturing facilities.”