"As the economic recovery continues, we are confident that the Southern New Jersey industrial market will see an increase in leasing velocity and we hope to capitalize on that increase," says Michael S. Dana, president of the Delta Group LLC.
The property, which was 60% occupied at the time of sale, comprises two warehouse/distribution facilities totaling 497,414 sf. One building, which was built in 1992, consists of 299,520 sf and is 100% leased to Home Depot, which uses the space as its main Mid-Atlantic region lumber distribution hub. The second building, which is currently unoccupied, was built in 1983 and expanded in 1988.
Bob Yoshimura of the Flynn Co. in Philadelphia represented the seller.
The Delta Group has an interest in more than $300 million of real estate around the US. The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with $3.5 billion in total investments to date in 1,200 assets comprised of 33 million sf of commercial space and 28,000 multifamily units.
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