First Industrial Sells 295,000-SF South Gold Industrial Park

First Industrial was represented in the latest sale by Steve Tolcash, senior managing director at Insignia/ESG & Buschman Partners, Princeton, who has been the property's leasing agent since the 1997 sale. Besides the existing building space, the investment sale includes nine adjacent development parcels that can accommodate an additional 200,000 sf of office/warehouse/flex development.

"This transaction clearly indicates that First Industrial has added significant value to this business park over the past several years," according to Tolcash. "It also indicates that the Exit 7A [of the New Jersey Turnpike] submarket has been established as one of New Jersey's highest-growth commercial real estate markets."

South Gold Industrial Park is currently 100% leased to 13 tenants, including AAA, CCL Label, McNeil, Carpenter Lighting and Lesco. The individual buildings were constructed between the mid 1970s and the mid 1980s. The property is situated at the intersection of I-295 and Route 130 near the Turnpike's Exit 7A, between Princeton and Trenton.

Insignia/ESG & Buschman Partners will stay on as leasing agent for the park. "We have seen strong leasing activity over the past year," according to Tolcash. "At this time, we have a waiting list of occupants for space in the park.

"The property offers great access to major roads and population centers," he adds. "This niche market is currently experiencing significant growth with approximately two million sf of industrial/warehouse product under construction. And a new power retail center just a mile from the park includes BJ's, Wal-Mart, Kohl's and Lowes.

Insignia/ESG & Buschman Partners is the real estate firm that resulted from the link-up, earlier this year, between the Saddlebrook, NJ-based Insignia/ESG of New Jersey and Buschman, long a key player in the Princeton area market (see earlier story). While short of a full merger, the strategic alliance is expected to become a complete merger within the next two years. Insignia/ESG & Buschman Partners also has a regional office in East Brunswick, NJ.