First Industrial Buys 139,000-SF Asset

PENNSAUKEN, NJ-First Industrial Realty Trust has picked up another South Jersey building, its third in the market so far this year, buying the 139,000-sf building at 1070 Thomas Busch Memorial Hwy. Located within the multi-owner Pennsauken Industrial Park, the building serves as the headquarters and main warehouse for discount clothier Forman Mills, which has a total of 23 retail outlets in five states.

With the sale, the building leaves the portfolio of Penn American Real Estate Co. (Parec Properties), based in Blue Bell, PA. The sale price was not released.

"This is the second building we have purchased from Penn American," says Tom Green, investment officer in the Chicago-based First Industrial's Philadelphia office. "The building offers flexibility, allowing Forman Mills to combine their headquarters office with warehouse space that supplies their stores in the Philadelphia region."

First Industrial's other two acquisitions in South Jersey this year total 336,000 sf. As reported by GlobeSt.com, the REIT previously bought the 230,274-sf headquarters of Jevic Transportation at 600/700 Creek Rd. in Delanco, and the 105,450-sf building at 820 East Gate Dr. in Mount Laurel, fully occupied by distributor Edward Don & Co.