S hopping C enters S outhern NJ S potlight
M id A tlantic Real Estate Journal — Southern New Jersey — April 10 - 23, 2020 — 3B
www.marej.com
EST BERLIN, NJ — Ian Richman and Marc Isdaner Mount Laurel office reps. The BloomOrg. in the sale of 2301 Haddonfield Rd., Pennsauken Richman & Isdaner of Colliers International completes 21 building portfolio sale W
of Colliers I n t e r n a - t i o n a l ’ s i n d u s t r i a l t eam have c omp l e t e d the sale of a large port - folio invest- me n t s a l e t o t a l i n g 241,410 s/ f a c r o s s 2 1 buildings in West Berlin, NJ for a price o f $ 1 6 . 0 5 million. The buye r was an affiliate
Haddonfield Rd. in Pennsauken
chase, incoming owner Indus- trial Investments offered: “We are delighted to expand our footprint in the South Jer- sey Industrial Market with the acquisition of the West Berlin portfolio of master-planned, well-manicured, multi-tenant industrial buildings with ex- cellent accessibility to con- sumers, retail locations and major roadways. The Bloom Organization has done an excellent job in the design, construction and management of this portfolio, and we are pleased to have had the op- portunity to purchase such a desirable asset with the help and expert guidance from Marc and Ian. We look forward to further developing the prop- erty, utilizing the available lots on Rte. 73 for build-to-suit opportunities for retail, office excitement of flying by taking a virtual flight in the on-site flight simulator located inside the NARTP space. The ACIA developed the first building at the Aviation Research Park that will even- tually contain seven buildings and more than 400,000 s/f of aviation research related activity. The ACIA worked closely with the FAA, which is the land holder, and the NARTP Board that oversees the re- search activity of the Park. Current tenants at the build- ing include the FAA Tech Center, General Dynamics Information Technology, At- lantic County Institute of Technology Aviation Program and Thunderbolt Software,
or industrial buildings up to 25,000 s/f each.” In a second transaction, n Richman and Isdaner repre- sented The Bloom Organiza- tion in the sale of 2301 Had- donfield Rd. in Pennsauken, a 37,856 s/f net-leased ware- house facility to an affiliate of Velocity Ventures. The building is tenanted by Maple Direct Printing, which is a full-service direct mail printing and distribution com- pany. A long-term lease was in place at the time of closing. Wi th thi s transact i on, Colliers continues its suc- cessful track record of sales in Pennsauken. Notably, it is also the eighth building Velocity Ventures has pur- chased through Colliers in the Pennsauken market over the last 12 months. LLC. New Vistas Corp. is pro- viding full-service property management services and has placed Michelle Ruggles on site to manage the building. Brian McMillen is provid- ing technical & mechanical building support and Nick Faulhaber is coordinating the financial aspects of the assignment. The contract was awarded through a competitive bidding process. NVC has already forged a productive work- ing relationship with John Lamy , executive director of ACIA, Tim Edmonds , director of projects and en- gineering, ACIA and Nicole Marsh , executive assistant at NARTP.
Ian Richman
West Berlin, NJ portfolio
at the time of sale. Bloomfield Business Park was originally developed as a joint venture between The Bloom Organization and Tom Merryfield in the late 1980s/early 1990s in sever- al phases. Each building is 10,500 s/f. The early stage buildings consisted of five units of 2,100 sf each with five front entrances, five electric services and five loading doors. The early stage buildings have drive-in loading only. In the later stages of construction, the buildings were built on larger lots that allowed for five
tailgate loading doors in the back and drive-in doors on the end units. Tenants in the portfolio include United Refrigeration, Cooper Electric, Bath Fitter, Terminix, ProSource and Ew- ing Irrigation. The West Berlin industrial sub-market consists of nearly 1.9 million s/f with roughly 2/3 of the square footage being owner-occupied. This was an attractive investment oppor- tunity for one buyer to control a substantial amount of the investor-owned inventory. Regarding their recent pur-
Marc Isdaner
of Industrial Investments, Inc. , headquartered in Blue Bell and was represented by Michael Bown, Sr. , in this transaction The sale included Bloomfield Business Park, which is com- prised of 16 multi-tenant ware- house/flex buildings and five multi-tenant buildings along Commerce Lane in the Com- merce Lane Business Park. The portfolio consisted of 55 tenants and was 98% occupied EGG HARBOR TWP., NJ — New Vistas Corp. was recently awarded the contract to manage the first National Aviation Research & Tech- nology Park (NARTP) build- ing by the Atlantic County Improvement Authority (ACIA) located in Egg Harbor Twp. adjacent to the Federal Aviation Agency (FAA) Tech- nical Center and the Atlantic City Airport. This “state of the art” research office complex is 65,000 s/f on three stories, and boasts an architectur- ally impressive design with cutting-edge technology. The “Thunder Room” is a high-tech multimedia audi- torium with 42 workstations, video wall with 4 - 98" moni- tors, video conferencing sys-
New Vistas Corporation manages first National Aviation Research & Technology Park building in Egg Harbor Twp.
National Aviation Research & Technology Park (NARTP) building
tem and is distance learning and smart class capable. The rooftop deck offers pan-
oramic views of the park and is available for conferences and social events. Experience the
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