May 4, 2020
CBRE closed the sale of the Southern New Jersey Core Infill Portfolio, a seven-building, 553,548-square-foot industrial portfolio in Delran, Mount Laurel and Swedesboro, NJ. A CBRE National Partners team of Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki negotiated the sale on behalf of Foxfield Industrial.
Buyer and pricing weren’t disclosed. The assets are 88.7% leased to warehouse and distribution tenants. The properties have benefitted from institutional management and maintenance, including a consistent capital infusion program under Foxfield’s ownership.
“The sale of the Southern New Jersey Infill Portfolio is emblematic of the integral role of highly functional, infill warehouse/distribution buildings proximate to Interstate 295, US Route 130 and the Philadelphia bridges to the region’s logistics network,” said Ruppel. “Projectable income from entrenched core tenancy, enduring high flow-through functionality and leasing upside, made this an extremely attractive opportunity to capitalize on the continued evolution of the New Jersey industrial corridor.”
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