Praedium and Delta Pay $20M for Industrial Property

BRIDGEPORT, NJ-The Praedium Group LLC, and the Delta Group acquired the Pureland Industrial property located here for nearly $20.3 million, or $41 per sf. Both firms are based in New York City and this is the first time they have partnered on an acquisition. The pair expects to see an increase in interest and leasing activity in the South Jersey industrial corridor.

“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.