S hopping C enters S outhern NJ S potlight
M id A tlantic Real Estate Journal — Southern New Jersey — July 23 - August 19, 2021 — 5B
www.marej.com
Hines, Fiumara, Ruppel, Hill &Dawicki spearheaded themarketing campaign for the portfolio CBRE facilitates sale of three-building Southern NJ logistics portfolio totaling 401,827 s/f
OUTH JERSEY — CBRE has completed the sale of the South- ern NJ Logistics Portfolio, a three-building industrial portfolio totaling 401,827 s/f. The properties—300 Rich- ards Run in Burlington, 1090 Thomas BuschMemorial Hwy. in Pennsauken, and 823 East Gate Dr. in Mount Laurel, NJ—were acquired by High Street Logistics Properties from a private Southern New Jersey based development company. The portfolio was 100% occupied at the time of sale. The CBRE National Part- ners’ team comprised of Mi- chael Hines, Brian Fiu- mara, Brad Ruppel, Joe Hill and Lauren Dawicki spearheaded the marketing campaign for the portfolio. “The three-building portfolio provides the new ownership with the unique opportunity to capitalize on existing be- low market rents as well as surging rent growth in the Southern New Jersey indus- trial market,” said Hines. “A lack of available, functional logistics space in Northern MARLTON, NJ — Wal- ters , a developer based in Barnegat, has welcomed the first residents to Cornerstone at Greentree, a 55+ premium income-restricted commu- nity located at 16 Stow Rd. in Marlton. The development was completed earlier this year and is now open for tours. S Situated on 2.3 acres in Burlington County, the newly constructed four-story building consists of 68 one-bedroom and spacious two-bedroom apart- ments, starting at $850. Apart- ments are leased exclusively to residents whose incomes are at or below 60 percent of the area median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart. “This brand new sustain- ably-designed community of- fers something for everyone,”
heavy production and manu- facturing equipment. 823 East Gate Dr. (147,700 s/f), occupied by six different tenants, is situated in an established industrial park adjacent to I-295. It features an exclusive outdoor storage space, ample car and truck parking allowing for a wide array of tenant uses, and a 100-foot truck court providing for better functionality and circulation. In other SNJ news, CBRE announced the completion of the $1.35 million sale of Mainland Professional Office Park located at 1750 Zion Rd. in Northfield, NJ. BB Capi- tal, LLC , an affiliate of the Becker Organization based in Montclair, acquired the three-building office complex from JAMAG Inc. CBRE senior vice president Bill Tourtellotte spearhead- ed the marketing campaign for the property and negotiated the sale on behalf of JAMAG Inc. “Mainland Professional Of- fice Park was the first high- quality office complex in the Northfield area when built in
1972,” said Tourtellotte. “Its central location and unique design make it very attractive to medical and professional tenants. The new ownership plans significant cosmetic modernizing upgrades that will reestablish the promi- nence of this complex within the market.” Mainland Professional Of- fice Park is comprised of three- buildings totaling 21,440 sq. ft. with a central two-story landscaped courtyard. The complex benefits from its ideal location within the prominent Northfield community along the Rte. 9 commercial and professional corridor, which is equidistant to the three major hospitals in the area. At the time of sale, the office park’s occupancy had declined as a result of the pandemic but continues to be home to a number of medical and pro- fessional businesses including Tomorrow’s Wellness Center, Professional Allergy Associ- ates, Pediatric Pulmonary and Asthma Associates and Allied Health Training Institute, each of whom have been ten- ants for many years. MAREJ
1090 Thomas Busch Memorial Hwy. in Pennsauken
and Central New Jersey, and the continued strength of labor and location studies in South- ern New Jersey have merged the markets, manifesting in unprecedented leasing volume in Burlington, Camden, and Gloucester Counties, making the Southern NJ Logistics Portfolio an ideal investment opportunity.” 300 Richards Run (85,390 s/f), fully occupied by Barton & Cooney, is located in an established industrial park
with excellent super-regional highway access and functional clear height ceilings (22’) and column spacing (40’ x 40’). It also boasts several potential expansion options. 1090 Thomas Busch Memo- rial Highway (168,737 s/f) offers market leading car and truck parking capacity, as well as an opportunity for different potential expansion options. The tenant, SupplyOne, has made a significant investment into their space, including
Walters welcomes first residents at Cornerstone at Greentree inMarlton
Cornerstone at Greentree
of perks.” Amajor draw at Cornerstone at Greentree is the opportunity to live a maintenance-free life- style with upscale amenities and services. Residents benefit from common area amenities
such as a community room, ele- vators, fitness room, secure key fob access, internet in common areas, and 24/7 on-site man- agement and maintenance. Apartments feature open floor plans, upgraded interior fin-
said Joseph Del Duca , part- ner and director of affordable housing for Walters. “Whether they’re looking to be closer to family or lead an active inde- pendent lifestyle, this is an ideal setting with a long list
ishes and signature detailing. Every unit is equipped with a full-size washer/dryer, fully equipped kitchen with granite countertops, energy efficient appliances, and blinds in every room. MAREJ
Made with FlippingBook Learn more on our blog