A 48.1-acre development site in Hamilton has been purchased by a development partnership between Lincoln Equities Group and PGIM, according to a Monday announcement from Cushman & Wakefield, which arranged the transaction.
The transaction price was not disclosed.
Located at 861 Sloan Ave., the property is surrounded by numerous global logistics firms, including DHL, Colgate, FedEx and USPS, and has received site plan approval for 420,000 square feet, which will be completed in 24 months. Situated adjacent to the Sloan Avenue, Hamilton Train Station and Exit 65 on Interstate 295, the property provides easy access to Philadelphia and New York City, and an array of local amenities including the American Metro Office Center, shopping and dining options.
Cushman & Wakefield’s Robert Rudin, Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema represented the seller, Manchester 270 Development Inc., and procured the buyers.
“This site provided a variety of redevelopment options given its size, scale, zoning and proximity to Interstates 95 and 295,” Schmidt said.
“Lincoln Equities Group and PGIM have proven to be one of the state’s most successful development partnerships. The purchasers leveraged Lincoln Equities’ extensive local market knowledge as former owner of the adjacent American Metro Center, enabling the partnership to navigate this complex transaction,” Gabriel added.