Mount Laurel-based NAI Mertz announced its president, Scott Mertz, completed the sale of a 115,422-square-foot industrial building in Moorestown. Located at 1224 N. Main St., the single-story industrial building sits on an 8-acre lot and offers ample tenant parking, 22-foot clear ceiling heights, 12 loading docks and one drive-in door. It is convenient to several major highways, including Interstate 295, the New Jersey Turnpike and Route 38, as well as several retail and dining options. Mertz represented the buyer, OPEX, in the transaction. The seller was Northbridge Partners.
Cherry Hill-based Vantage Commercial completed the off-market sale of Southwood Shopping Center, a retail center in West Deptford. Located on Route 45, the center has been a well-known neighborhood landmark owned by same family for more than 60 years. The new development group of the 83,000-square-foot plaza plans to renovate and revitalize it with the goal of attracting new tenants, modifying the anchors, and reinvigorating the center in hopes of providing products and services to the surrounding communities.
JLL Capital Markets arranged $8.75 million in acquisition financing for a three-property portfolio comprising 128,561 square feet of light industrial space in Camden and Burlington County Industrial submarkets. JLL worked on behalf of the borrower, Wharton Industrial, a platform of Wharton Equity Partners, to place the five-year acquisition loan with Metropolitan Commercial Bank. The 96%-leased portfolio comprises the industrial warehouse facilities at 65-67 Old Kings Highway and 77 Old Kings Highway in Maple Shade, and an industrial flex building at 2091 Springdale Road in Cherry Hill.
Late last month, the Voorhees Planning Board unanimously approved Florida-based storage company SAFStor to open an 812-unit building at 604 Centennial Blvd. A representative for SAFStor noted that four of those units would be dedicated to permanent community use: Three would go to individuals who have lost their homes and must store their belongings; another would be set aside as a police substation and meeting place for community organizations.
According to a third-quarter report from commercial real estate company Newmark, South Jersey is seeing some of the Greater Philadelphia market’s strongest growth in asking-rents. The average rent for warehouses here rose to $5.55/square foot (up from $5.24 three months earlier), while rent for the region’s industrial sector overall jumped to $5.95 a square foot, up $1 over the past year. In a key indicator of demand, the industrial vacancy rate dropped to 4.2% from 4.9% in the second quarter, with South Jersey accounting for two-thirds of the 12.1 million square feet of overall industrial space now under construction across the Greater Philadelphia market.
Adam Rose, president of Rose Commercial Real Estate, represented both parties in the sale of 11 Allison Drive in Cherry Hill. The 12,000-square foot property is located on a six-acre, professionally-landscaped wooded lot just off Route 70 and Marlkress Road. Mata Gujri Sikh Society of Cherry Hill plans to open a temple for its congregation, and the two-story former home of Pathfinder will be transformed to include space for worship, as well as a kitchen and dining area with the potential for classrooms in the future. The sale closed for $1,535,000.
