LOGAN, NJ-Dermody Properties/DP Partners has acquired a 259,910-sf square foot office/distribution facility. Formerly a Linens ‘n Things warehouse, the one-story property on 14.4 acres within Dermody’s LogistiCenter at Logan industrial park here will be called “Commerce Corner.”
Reno, NV-based Dermody/DP purchased the building, located at 1109 Commerce Blvd. in Logan, from Lexington Lion NEBC LP, an affiliate of Lexington Realty Trust. The price was not disclosed; according to Real Capital Analytics, a comparably sized Dunkin Donuts distribution center in nearby Mt. Holly, NJ closed for $11 million this past December, or approximately $37 per square foot. Great Point Investors was DP Partners’ joint venture partner in this transaction
“This is a purchase that offers DP Partners the opportunity to continue to lease industrial space in this highly successful park,” says Stephen G. Bailey, DP Partners’ Eastern region partner, in a statement. “With our last building in the park now at 100% occupancy, DP Partners is anxious to offer this first class facility to clients at very competitive rental rates. This will be a great complement to our land sales and build-to-suit capabilities in Logan."
The existing facility has an additional 9.6 acres of land that could expand the building to 470,000 square feet. Originally built in 1998, it has more than 10,000 square feet of existing office space, with the remainder a fully air-conditioned space for manufacturing/warehouse use.
In a release, Boston-based Great Point says it has engaged William Goodwin, an EVP of brokerage services in CB Richard Ellis’ Marlton, NJ office, as the property’s leasing agent. DP and Great Point have several active prospects interested in the property, Great Point says.
LogistiCenter is located north of exit 10 on Interstate 295, 12 miles south of Philadelphia, in New Jersey’s Gloucester County. In December, GlobeSt.com reported that Dermody/DP sold a 599,500-square-foot industrial building at 1150 Commerce Blvd. within the 400-acre LogistiCenter campus for an undisclosed sum.
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