BARRINGTON, NJ-Keystone Property Group has acquired Barrington Business, a nine-building, 931,000-sf industrial park here, according to company officials. Specifically, the 89-acre property was acquired by the Conshohocken, PA-based company's Fund II.

The property is a redevelopment of a former Owens Corning fiberglass factory, which was shuttered in 1987 and subsequently demolished. The property was redeveloped in stages under the aegis of this Camden County community's economic development agency. The seller in the latest transaction was a local investment group, and the price was not disclosed. Company officials also say they are under contract to sell a piece of residential land situated within the property.

"With this newly acquired property, KPG plans to perform strategic upgrades to the complex and complement a leasing and capital strategy to attract large industrial users,"says a spokesperson for the company. "Further, we are proposing to construct an additional 150,000 sf of industrial buildings, which should enhance the appeal and function of the project."

Major tenants currently operating within Barrington Business Center include FedEx, National Distribution Center and CHEP Pallets.