WESTVILLE, NJ-A partnership of Endurance Real Estate Group, Bala Cynwyd, PA and AMC Delancy Group, Philadelphia, has sold the 63,000-sf W/D building at 50 Cutler Ave. to the Basile Corp. for $3.4 million. The property is located within the within the I-295 Industrial Center.
The sale price factors out to $54 per sf. For Basile, a Douglassville, PA-based real estate investment company, the acquisition marks its first in the South Jersey market.
"50 Cutler is a functional building with a solid rent roll in a tremendous location along I-295," says Michael Blunt, first vice president at CB Richard Ellis, Philadelphia, who co-brokered the sale with that firm's Michael Hines. "The property is 100% leased to three tenants: Compass Wire, Universal Supply Group and S.J. Graphics."
The asset was constructed in 1988. AMC Delancy and Endurance bought it in early 2005 from Heather Croft LLC as part of the larger $12.4-million acquisition of I-295 Industrial Center, encompassing 15 buildings and 378,000 sf.
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