Opus East Sells 471,000-SF Building

WASHINGTON TWP., NJ-Opus East LLC has sold its West Manor Crossings, a brand-new 471,200-sf warehouse and distribution facility, to Allianz of America Inc. The Westport, CT-based buyer is a holding company that manages commercial real estate investments for insurance affiliates of the Allianz Group of North America.

The facility features a clear ceiling height of 33 ft., 40-ft.-by-50-ft. column space and a 4,000-psi concrete floor, according to Guers. The parties involved in the transaction declined to disclose the sale price, but industry sources say the asset likely traded for around $35 million.

Opus East, through its Philadelphia office, started construction on the facility on a spec basis in October 2005 and delivered the finished product to market just last month. Situated on 46 acres within a foreign-trade zone, the building is near both Exit 7A of the New Jersey Turnpike and Exit 7 of I-195. It's also within an hour of Center City Philadelphia and the metro New York area.

"It offers an alternative to the Exit 8A industrial mega-center off the Turnpike and opens the door for hundreds of new jobs for Washington Twp.," says Craig Guers, senior vice president and general manager for Opus East in Philadelphia. "As one of the first true large spec developments in the township it represents an employment drawing card for the community.

"Located only 12 miles south of Exit 8A, it offers an affordable alternative to 8A, with a better workforce," Guers continues. "There is no doubt that other spec buildings will follow, and very shortly West Manor Crossings will be recognized as a trendsetter."

The newly completed building remains on the market for a potential tenant or tenants, and CB Richard Ellis has had the marketing assignment for the property since early this year. The average asking price for similar rental space in the region is in the vicinity of $4.80 per sf, Guers tells GlobeSt.com.