(Read more on the industrial market.)
PLYMOUTH MEETING, PA-Exeter Properties Group, a new private equity fund based here, has acquired two warehouse properties for an aggregate of $7.1 million. One is a 41,000-sf building at 2150 Cabot Blvd. in the Bucks County Business Park in Langhorne, and the other is a 70,000-sf facility at 804 E. Gate Dr. in the East Gate Corporate Center in Mt. Laurel, NJ.
Both properties are 100% leased. Exeter paid $3.4 million, or $82.93 per sf, for the Langhorne property. The tenants are Hydnogel Design Systems and American Trans Freight. The seller, identified as 2150 Cabot Ltd. Liability Corp., is a private real estate investment entity, according to Richard Smith, principal of Fort Washington-based Avir Realty Group Inc.
Smith represented Exeter and the sellers in both transactions. The price tag for the Mt. Laurel property was $3.7 million, or $52.86 per sf, in an off-market transaction. The seller is Five Points Associates, which Smith says is a private individual. Interline Brands occupies all of the building.
Smith tells GlobeSt.com Exeter is headed by Ward Fitzgerald, president. "These acquisitions are just the beginning for these investors," Smith says. The $300-million fund has capital capacity in excess of $1 billion, according to Smith, and is targeting value-add big box warehouse, multi-tenant industrial and flex properties throughout the Eastern and Mid-South regions of the US.
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