Jones Lang LaSalle
Warehouse Changes Hands Twice in 15 Months
By Eric Peterson Last updated: April 6, 2006 08:00am
(To read more on the industrial market, click here.)
WOOLWICH TWP., NJ-1200 Ferry Associates, an affiliate of Camden International Commodities Terminal LLC, a regional distribution operation, has acquired Endurance Real Estate Group’s 206,450-sf industrial building at 52 Locke Ave. It is near Exit 2 of the New Jersey Turnpike in this South Jersey community. The announced sale price of $6.45 million factors out to about $31 per sf.
CICT, which effectively moved into the asset while the then-pending sale was under contract, is using the site for the warehousing and distribution of cocoa products. Jim Young, a senior industrial advisor in the Philadelphia office of Grubb & Ellis, represented the Bala Cynwyd, PA-based Endurance. The buyer was represented by Allen Good and Malcolm Shreibman of NAI Mertz Corp. of Mt. Laurel.
The latest deal marks the second time G&E’s Young has sold the same building in 15 months, having arranged the transaction when Endurance bought it in early 2005 from the Del Monte Corp. The food processor had used it for a number of years as its northeastern distribution center, but had vacated the site prior to selling it. The earlier sale price was not released, but industry sources put the number in the $5-million range.
“Endurance originally purchased this property on spec from Del Monte to grow its industrial portfolio in the area,” says Young, who subsequently got the exclusive from Endurance to market the asset for sale or lease. “However, these are smart guys and they decided to capitalize on the continued strong demand by end-users who would rather buy than lease.”
“The property fit our investment criteria on many levels,” says Benjamin Cohen, president of Endurance. “The building has always been owner-occupied and we saw an opportunity to reposition it.” The building was built in phases from 1952 to 1962, and underwent a major renovation in 1986. Its 20-acre site has room for expansion of up to another 180,000 sf of building space.
Warehouse Changes Hands Twice in 15 Months
By Eric Peterson Last updated: April 6, 2006 08:00am
(To read more on the industrial market, click here.)
WOOLWICH TWP., NJ-1200 Ferry Associates, an affiliate of Camden International Commodities Terminal LLC, a regional distribution operation, has acquired Endurance Real Estate Group’s 206,450-sf industrial building at 52 Locke Ave. It is near Exit 2 of the New Jersey Turnpike in this South Jersey community. The announced sale price of $6.45 million factors out to about $31 per sf.
CICT, which effectively moved into the asset while the then-pending sale was under contract, is using the site for the warehousing and distribution of cocoa products. Jim Young, a senior industrial advisor in the Philadelphia office of Grubb & Ellis, represented the Bala Cynwyd, PA-based Endurance. The buyer was represented by Allen Good and Malcolm Shreibman of NAI Mertz Corp. of Mt. Laurel.
The latest deal marks the second time G&E’s Young has sold the same building in 15 months, having arranged the transaction when Endurance bought it in early 2005 from the Del Monte Corp. The food processor had used it for a number of years as its northeastern distribution center, but had vacated the site prior to selling it. The earlier sale price was not released, but industry sources put the number in the $5-million range.
“Endurance originally purchased this property on spec from Del Monte to grow its industrial portfolio in the area,” says Young, who subsequently got the exclusive from Endurance to market the asset for sale or lease. “However, these are smart guys and they decided to capitalize on the continued strong demand by end-users who would rather buy than lease.”
“The property fit our investment criteria on many levels,” says Benjamin Cohen, president of Endurance. “The building has always been owner-occupied and we saw an opportunity to reposition it.” The building was built in phases from 1952 to 1962, and underwent a major renovation in 1986. Its 20-acre site has room for expansion of up to another 180,000 sf of building space.
posted by Jones Lang LaSalle NJ News Blog at 12:25 PM
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