Endurance Real Estate Group and PCCP have purchased a seven-building industrial portfolio totaling 554,000 square feet in southern New Jersey for roughly $43 million.
Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, divested the warehouse and distribution properties, which are located in Delran, Mount Laurel and Swedesboro.
“The infill nature of the portfolio combined with the established core tenancy and staggered lease expirations was consistent with our long-term investing strategy in well-located submarkets,” Jared Newman, Endurance’s vice president of acquisitions, said in a statement.
Benjamin Cohen, president of Radnor, Pennsylvania-based Endurance, added that the portfolio’s proximity to Interstate 295 and the greater Philadelphia area, “coupled with the continued long-term tailwinds for light-industrial product in high-barriers-to-entry markets like southern New Jersey make this a very attractive investment.”
The seven buildings that were sold as part of the deal are: 600 and 601 Delran Parkway in Delran; 820 E. Gate Drive and 116 Gaither Drive in Mouth Laurel; and 603 Heron Drive, 614 Heron Drive and 1 Killdeer Court in Swedesboro.
The properties are now 88% leased to 22 tenants, anchored by Food Sciences, Carnegie Pharmaceuticals and Jewelry Group.
The portfolio is located along the New Jersey Turnpike, with convenient access to the greater Philadelphia and New York City markets. Burlington and Gloucester counties “are mature infill destinations with a history of high occupancy and rapid rent growth,” Endurance said in a statement Friday.
The Burlington industrial market is reporting a vacancy rate of 5.4%, while the Gloucester industrial market is seeing a 6.2% vacancy rate.
For more information about this South Jersey industrial space for sale or about any other South Jersey commercial properties for sale or lease, please contact the team at Wolf Commercial Real Estate, a Southern New Jersey commercial real estate brokerage firm at 856-857-6300.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier South Jersey commercial real estate broker that provides a full range of South Jersey commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other South Jersey commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of South Jersey commercial properties for sale through our South Jersey commercial real estate brokerage firm.