Tom Wittman of RE/MAX was the sole agent for the transaction. The building itself is situated on 1.32 acres of land across from the Courier Post (a local daily newspaper covering communities in the South Jersey area) headquarters.
The mixed-use facility is comprised of 60% office and also features 15-foot clear ceiling heights and two drive-in loading doors. Global Property Management plans renovations to the space and reveals that one tenant will occupy the entire building. The sole tenant's identity was not disclosed.
Paul Cohen, executive vice president of SWBE Inc. recently told GlobeSt.com that the industrial market in Central New Jersey was particularly hot. "Central survives," he explains, "by being between Philadelphia and New York City. This gives the area a particular advantage. Big box industrial by Exit 8A off the New Jersey Turnpike are still being grabbed up. I'm perking right along, and my specialty is in brownfields."
This property is south of the "hot zone," but is able to benefit from being between Philadelphia and Central Jersey. South Jersey has seen an increase of late in industrial construction and the properties are coming to the market pre-leased in many cases and are leased quickly where tenants were not already in place.
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