A Philadelphia-based real estate investment group has acquired a warehouse development site in Carneys Point, it announced Wednesday.
D2 Collins LLC, an affiliate of the D2 Organization, acquired 1, 3, 4 and 7 Collins Drive in the Salem Commerce Park, it said in a news release. The properties include three vacant parcels totaling 35 acres and a 10-acre parcel that includes a 78,000-square-foot office building at 1 Collins Drive. The seller was the Delaware River & Bay Authority.
D2 also purchased an adjacent, 3-acre residential outparcel, bringing the total developable land to 48 acres.
Financial terms of the deal were not disclosed.
D2 fully entitled the vacant land for three Class A warehouse buildings that will total 586,000 square feet, plus car and trailer parking.
American Dream Realty represented the buyer in the transaction. BridgeInvest provided $16.1 million in acquisition and predevelopment financing; debt was arranged through D2’s affiliate, D2 Capital Advisors.
Salem Commerce Park is located off Exit 4 at the interchange of Interstate 295 and Highway 48, just three miles from the I-295 interchange with the New Jersey Turnpike and four miles from the Delaware Memorial Bridge.
Since 2019, D2 has successfully entitled more than 2.75 million square feet of industrial development projects in Salem County, it added.