Salem Commerce Park. Picture courtesy of D2 Group
D2 Group plans to construct three Class A warehouse buildings totaling 586,000 sq. toes on the renamed Salem Commerce Park in Carneys Level, N.J. The Philadelphia-based funding group has just lately acquired the 48-acre improvement web site, an assemblage of 4 parcels, from the Delaware River & Bay Authority. American Dream Realty represented the client.
The positioning consists of three vacant parcels—3, 4 and seven Collins Drive—on the former Salem Enterprise Heart, totaling 35 acres, along with an adjoining 10-acre lot at 1 Collins Drive and a neighboring 3-acre residential outparcel. The vendor of the residential property was not disclosed.
BridgeInvest of Miami supplied $16.1 million in acquisition and predevelopment prices financing. The debt was organized by D2 Capital Advisors.
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Salem Commerce Park is straight away off Exit 4 on the Interstate 295 and Freeway 48 interchange, 3 miles from the I-295 and New Jersey Turnpike interchange and 4 miles from the Delaware Memorial Bridge, making it a main logistics location to meet Philadelphia, Southern New Jersey and Delaware markets. The positioning additionally offers quick access to New York Metropolis, Baltimore and Washington, D.C.
And D2 has extra in retailer for the realm. The agency is buying vacant land north of I-295 alongside Golfwood Avenue, in accordance with Philadelphia Enterprise Journal, with plans to construct a 587,500-square-foot warehouse. Upon completion, the 4 new buildings would add practically 1.2 million sq. toes of logistics house to South Jersey’s stock.
Salem County rents for Class A industrial house has greater than doubled since 2019 from roughly $5 per sq. foot to greater than $11 per sq. foot, in accordance with D2. The Southern New Jersey/Jap Pennsylvania space has change into the second largest big-box area in North America, with roughly 500 million sq. toes of complete industrial stock. Tenant demand stays sturdy with an general emptiness of lower than 2 % in New Jersey.
Earlier offers
D2 Group is a privately owned opportunistic funding group targeted on buying and repositioning land for brand new improvement, together with uncooked land, brownfields and extra or out of date industrial services. Since 2019, D2 has efficiently entitled greater than 2.7 million sq. toes of business improvement tasks in Salem County, N.J.
In Could 2022, D2 offered a 282-acre mission web site in Pennsville, N.J., to CT Realty and PGIM Actual Property. Work is underway at Backyard State Logistics Park, a two-building campus totaling 1.7 million sq. toes that’s slated to come back on-line within the third quarter.
The earlier 12 months, in October, D2 offered a 149-acre web site in New Fort County, Del., to Logistics Property Co. Lengthy deliberate as an industrial park, the 1.1 million-square-foot logistics campus is below development on the metropolitan Wilmington, Del., space web site, with completion anticipated within the second quarter of this 12 months.
