M id A tlantic Real Estate Journal — Southern New Jersey — July 22 - August 18, 2022 — 11B S outhern NJ
www.marej.com
Brokerage firm selected to handle leasing activities for 1.56-acre acre site in CRE category Lee & Associates of Eastern PA sells industrial outside storage acreage in Logan Twp. for $1.17M
P LYMOUTH MEET- ING, PA — Lee & Associates of East-
of containers.” “We have already fielded strong interest among vari- ous end-users for this site because this asset is in high demand and short in supply,” explained Patrick Lafferty of Lee & Associates of East- ern Pennsylvania. “In many cases shipping containers or vehicles arrive on overseas vessels and are in need of a short-term layover situation while awaiting their next transport to a final destina- tion. Small sites such as this typically emerge as the most viable solution.” MAREJ
ern Penn- sylvania has brokered the sale of a 1.56- acre parcel situated at 2337 Center Square Rd. in Logan
Patrick Lafferty II
Twp. and subsequently was selected by the new owner, Criterion Group , to handle leasing activities for the site classified as Industrial Out- door Storage (IOS). Patrick Lafferty II, principal at Lee & Associates of Eastern Pennsylvania represented the seller, Missa Bay, LLC in this $1.17 million sale at Pureland Industrial Park. Industrial Outdoor Storage (IOS), also known as Outdoor Storage Land (OSL), has emerged as a much-requested requirement among logistics companies that need space to stage or provide short- term storage for products prior to shipping them to the next destination. The use is particularly acute in port city locations, such as this site, which is a submarket of Philadelphia. Industrial Outdoor Storage, which was recently described in an ar- ticle appearing in GlobeSt. com as a $200 billion asset class, typically range between one and 20 acres and are con- sidered mission-critical for short-term storage. The site, which contains a small storage facility, can accommodate 30-40 trac- tor trailers as well as sup- port various other storage space configurations. It is positioned less than two miles from Interstate 295, six miles from Commodore Barry Bridge, less than 10 miles from Philadelphia and 110 miles from New York City. The Port of Wilmington is 17 miles from the site and The Port of Philadelphia is 30 miles away. More than 20 million square feet of in- dustrial space exists with a 10-minute drive According to the GlobeSt. com article, “IOS lots are being used as storage facili- ties supporting e-commerce, infrastructure, construction and logistics businesses, stor- ing everything from equip- ment and vehicles to stacks
2337 Center Square Rd.
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