Rendering of 261 Swedesboro Paulsboro Street. Picture courtesy of Cushman & Wakefield
Dermody Properties has bought a 214,271-square-foot industrial growth in Woolwich Township, N.J. Cushman & Wakefield made preparations on behalf of the vendor, Arbok Companions. The undertaking is predicted to be delivered in 2024.
Arbok purchased the 14-acre growth website for $2.7 million in 2021 for the development of a brand new warehouse and distribution heart, in keeping with Courier Publish. The property was beforehand residence to a former Nike missile protection base which was energetic from 1957 to 1974.
Coming on-line at 261 Swedesboro Paulsboro Street, the economic growth was designed to incorporate 40-foot clear heights, 39 dock doorways, two drive-in doorways, 169 car parking areas and 19 trailer parking spots. Located some 15 miles from Philadelphia Worldwide Airport and 23 miles from downtown Philadelphia, the property is near Interstate 295 and the New Jersey Turnpike, offering quick access to New York Metropolis, Baltimore, Md., and Boston.
Cushman & Wakefield Government Vice Chairmen Gerry Blinebury and Gary Gabriel, along with Government Managing Director Kyle Schmidt and Senior Analyst Brendan McGeary and assisted by Government Managing Director John Gartland and Government Director Jonas Skovdal, negotiated on behalf of the vendor.
Earlier in June, the identical firm assisted a three way partnership within the sale of a 501,600-square-foot industrial property in Covington Township, Pa. Hines paid $60 million for the asset.
Current industrial exercise in Philadelphia
Larger Philadelphia had probably the most energetic industrial market within the Northeast area in 2022, in keeping with CommercialEdge knowledge. The metro ranked first when it comes to pipeline measurement, with 21.5 million sq. toes underneath building on the finish of November, representing 5.3 p.c of the present stock; New Jersey (13 million sq. toes) and Worcester-Springfield, Mass. (10 million sq. toes) adopted.
12 months-to-date as of April, the metro had practically 17.7 million sq. toes of business area underway, a latest CommercialEdge report reveals. One of many initiatives that broke floor within the first 4 months of the 12 months, a 587,500-square-foot warehouse in Carney’s Level, N.J., is slated for supply within the first quarter of 2024.
One other growth entered the pipeline in Could, when DH Property Holdings commenced building on a two-building, Class A industrial undertaking in Philadelphia. Completion is predicted in late 2024.
