Stag Industrial, a real estate investment trust, said it sold a vacant distribution warehouse in Burlington, New Jersey, in the state’s biggest industrial sale by total price this year.
The company, based in Boston, said it sold 1900 River Road, a roughly 1 million-square-foot facility that was built in 1992, for $172 million to an undisclosed buyer.
The sale price amounts to about $164 per square foot, significantly above the market sale price for an industrial property in Burlington of $99 per square foot, according to CoStar.
The sale is the top total sum paid for a single industrial property in New Jersey in 2020, according to CoStar. It surpasses the $164 million sale of 50 Veronica Ave., a 926,392-square-foot industrial facility in Somerset that is 100% leased to LG Electronics.
The River Road property had been fully leased to the General Services Administration until this month, according to public records. The property is now vacant.
Burlington sits in the broader Philadelphia metropolitan area, where the industrial market is its healthiest commercial real estate sector, according to CoStar research. The city benefits from its proximity to major population hubs including New York City and Washington, D.C., and is an attractive spot for retailers and e-commerce companies to maintain a significant presence.
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