M id A tlantic Real Estate Journal Best of 2024 — March 2025 — 13B
www.marej.com
The LARGEST INDUSTRIAL SALE of 2024 NAI Summit 119 Technology Drive Bethlehem, PA Cushman & Wakefield Logan North Phase III Logan Township, NJ NAI James E. Hanson Kearny/Harrison IOS Portfolio New Jersey
Size: 750,012 SF + 36.92 Acre fully approved development site Brokers: Cushman & Wakefield’s Gary Gabriel, John Alascio, Kyle Schmidt, Chuck Kohaut, TJ Sullivan, Ryan Larkin, Seth Zuidema, Gerry Blinebury, Brendan McGeary, and Jonas Skovdal This recapitalization, which closed in December 2024, was one of the largest class A industrial transactions in all of NJ last year. C&W represented two prolific and long-standing family run real estate firms, Greek REP & Advance Realty, and advised on the joint venture structure with Torchlight. The newly constructed portfolio is part of a master-planned industrial park at the foot of the Commodore Barry Bridge providing regional access along the I-95 Corridor from Washington DC to Boston. Prior to closing, Aramsco executed a 117,776 s/f lease at Building B within the portfolio, proving the desirability and demand for quality product within Logan North Industrial Park.
Size: 48.7 Acres Brokers: NAI James E. Hanson (representing buyer): Scott Perkins, SIOR, CCIM; Christopher Todd, SIOR; William Ericksen, CCIM. CBRE (representing seller): Brian Fiumara and Ben Shapiro In October 2024, NAI James E. Hanson’s Scott Perkins, SIOR, CCIM, Christopher Todd, SIOR and William Ericksen, CCIM represented Chicago-based investment firm Ambient Capital Partners in one of the largest industrial outdoor storage (IOS) deals in New Jersey’s history: a purchase of a six-building, 48.7 acre IOS portfolio of properties in Kearny and Harrison, NJ. This deal underscores Perkins’, Todd’s and Ericksen’s unmatched expertise in the emerging subsector and cements their standing as the go-to brokerage team for buyers and sellers in the IOS market.
Size: 48,000 SF, 3.95 Acres Brokers: Michael Adams, SIOR, Sarah Finney Miller, and Collin Holben NAI Summit represented IQE in the sale of their former operations facility located at 119 Technology Drive in Bethlehem, PA. The property was acquired by GfM Bremen, a German-based company specializing in the pharmaceutical industry. They will utilize the facility for their US operations. The building features 32 clean rooms, warehouse space, office area, a machine shop, and generator backups—amenities highly sought after by life sciences companies. IQE, a leader in semiconductor manufacturing, transitioned its Bethlehem operations to Greensboro, NC in 2023. The infrastructure and location of this facility made it an ideal fit for another life sciences operation.
The LARGEST INDUSTRIAL ACQUISITION of 2024 Benchmark Construction Co., Inc. Crownwood Industrial Estates Bristol, PA JLAM 948 Middletown Warwick Rd Middletown, DE
Size: 218,410 SF Broker: Benchmark Real Estate and Regal Ventures
Size: 52,232 SF Broker: Steve Garthwaite (Bennett Companies)
Benchmark Real Estate and Regal Ventures acquired Crownwood Industrial Estates, an industrial complex comprised of three industrial buildings as well as an industrial development site. Situated 22 miles northeast of Philadelphia, the 25 acre Crownwood site encompasses three flex-industrial buildings totaling 218,410 s/f in size. Building 100 measures 13,042 s/f, Building 200 is 112,348 s/f in size, and Building 300 encompasses 93,020 s/f. The overall Crownwood portfolio also includes a 100,170 s/f development site that is fully approved for class A industrial development. The partnership’s plans for the development site presents opportunities for potential tenants, owner-users, and developers.
This property is a uniquely positioned asset featuring a combination of industrial, retail, and industrial outdoor storage (IOS) space, catering to a single-tenant building supply user. Located in rapidly growing Middletown, DE, the property benefits from strong visibility, excellent accessibility, and proximity to key transportation networks. This strategic location not only supports local residential growth but also serves as a critical distribution hub for building supplies across the region. Our acquisition capitalized on these strengths, securing a high-performing asset with long-term value creation potential. This transaction exemplifies our expertise in identifying and executing high-impact investments in dynamic secondary markets.
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