A 1.1-million-square-foot warehouse distribution center leased to Target Corp. in Logan, New Jersey, has traded for $265 million.
Torchlight Investors of New York bought the newly developed building at 300 Creekview Ave. and a nearby lot at 400 Crossroads Blvd. The sale came in at $240 a square foot and 2.98% cap rate, according to sources. The sale price on a per square foot basis supplants a high water mark set over the summer when Watson Land Co. paid $107.74 million, or $201 a square foot, for a pair of industrial buildings in South Jersey. Watson bought a 283,040-square-foot building at 100 Huff Lane, and a 252,750-square-foot building at 191 Harmony Road, in East Greenwich.
For more information about South Jersey industrial space for sale or lease in South Jersey or about any other South Jersey properties for sale or lease, please contact WCRE at 856-857-6300.
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