(Read more on the industrial market.)
MOORESTOWN, NJ-APCA Property Fund I, co-sponsored by Boston-based Paradigm Capital Advisors and the Stamford, CT-based Ashforth Co., has acquired a three-building industrial portfolio from Whitesell for $17 million. The sale price for the 407,000-sf properties factors out to nearly $42 per sf.
In the transaction, Steve Allison, managing director and CIO of Paradigm Capital represented the buyer. The Delran-based Whitesell, one of South Jersey's largest industrial developers, was represented by brokers from CB Richard Ellis.
“This is the fund's first acquisition outside of Greater Boston and marks its entry into the Philadelphia metro area,” Allison says. “This portfolio was a great place for us to start with our expansion into this market, because the buildings benefit from their location, functionality and a strong current market.”
The acquisition consists of three adjacent buildings along Glen Avenue and Glen Court here. The largest is 540 Glen Ave., totaling 219,304 sf, including nearly 19,000 sf of office space. Located on approximately 12 acres and built in 1974, it's fully occupied by distributor American Shower & Bath, which recently spent more than $2 million on sprinkler system, electrical system and other upgrades. American Shower & Bath has been in the building for more than a decade.
The second building is the 102,232-sf 550 Glen Ave., which includes more than 4,000 sf of office space. Built in 1975 and situated on 7.5 acres, the asset is fully occupied by SupplyOne Inc., a designer and manufacturer of custom packaging products.
And the third building is the 85,337-sf 600 Glen Court. Built in 1978 on nearly 10 acres, the asset includes an office component of more than 4,000 sf. Central Wholesalers, a plumbing, hardware and electrical supply company, occupies more than 51,000 sf on-site, and the remaining 34,000-plus sf is currently available for lease.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
