WOODBURY HEIGHTS, NJ-BPG Properties Ltd. has picked up the 231,000-sf industrial building on 17 acres at 523 Chestnut St. in this Gloucester County community, paying $6 million for the asset. The seller was the Gilbert Partnership, a locally based private investment group.
The sole brokers for the transaction were Bill Goodwin, executive vice president and Steve Italiano, senior vice president of CB Richard Ellis in Philadelphia. But the vacant, 50-year-old building, located near the New Jersey Turnpike and I-295, probably won't remain industrial much longer.
According to Goodwin, "the appeal of this project was the more than 17 acres of developable ground, which BPG will redevelop for residential use." The county's population of 275,000 is projected to grow by more than 8% within the next five years, and by more than 7% within five miles of 523 Chestnut St., "which is two and a half times the projected household growth for the Philadelphia metro region over the same time period," he adds. BPG hasn't released its specific plans for the site, other than indicating that residential redevelopment is the general plan.
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