Binswanger Closes Pair of New Jersey Industrial Deals
- Oct 07, 2020
Binswanger Commercial Real Estate has arranged the sale of two industrial assets totaling 390,498 square feet in Pennsauken, N.J., within 10 miles of central Philadelphia. Simmons Pet Food sold the properties for a total of $18 million. Senior Vice President & Partner Chris Pennington facilitated the two transactions to separate buyers and has been appointed the exclusive leasing broker for the facilities.
The larger of the two warehouses occupies 14 acres at 6851 River Road. KB Furniture acquired the 201,000-square-foot building for $10.6 million. Completed in 1997, the single-story property has a 4,000-square-foot office component, 28- to 32-foot clear heights, four grade-level and 25 dock-high doors. The facility will serve as a furniture manufacturing plant and distribution center.
Located on 10 acres at 9130 Griffith Morgan Lane, the second property is a 189,498-square-foot building. Kenover Marketing, a subsidiary of kosher food company Kayco, purchased the asset for $7.4 million. Israel Discount Bank of New York provided a $6 million acquisition loan, according to Camden County records. The warehouse has a 16,000-square-foot office component and 20,000 square feet of cold storage space. Royal Wine, a subsidiary of Kenover Marketing, will use the facility to store and distribute kosher wine.
The pair of warehouses are located within 2 miles of each other, just across the Delaware River from Philadelphia. Both properties enjoy close access to Interstate 95 in the city. Pennington said in a statement that the properties sold quickly, with multiple offers on each asset, highlighting the strength of the Southern New Jersey industrial market.
In September, independent pet store Monster Pets signed a 57,930-square-foot, full-building lease in Delran, N.J. The commitment brought the building to full occupancy. A partnership between Endurance Real Estate Group and PCCP owns the property.