First Industrial Sells One, Lists Another

The property just sold is 8290 National Hwy., with Colliers L&A director and senior vice president Marc Isdaner the sole broker. The buyers were 8290 National Highway Associates, a local investment group, and 8290 Gamije LLC. An affiliate of the latter will use the site for the storage and distribution of cocoa beans. The sale price of $3.61 million factors out to approximately $32.50 per sf.

The property just put on the market by First Industrial is the 79,532-sf flex building at 1601 Glen Ave., also listed as 1601 Schlumberger Ave., in Moorestown. The asset, built in 1982 and situated on a six-acre site, consists of 40,000 sf of offices, 25,000 sf of assembly space and 14,000 sf of warehouse space.

The new offering is on the market for sale or lease, according to Isdaner, who is similarly handling this property. The building is positioned to be modified "to suit any tenant's needs," he says. Currently vacant, it was previously occupied by a division of technology data and oilfield services giant Schlumberger. That division, which focused on parking controls, was sold to an investment fund and subsequently moved to another Moorestown location.

In an unrelated transaction, Isdaner has also brokered a 40,000-sf industrial lease at 8295-8301 National Hwy. in Pennsauken, representing owner Pioneer Warehousing Corp. of Philadelphia. The owner is a real estate investment company that focuses on industrial properties and self-storage facilities.

The new tenant is Delta Paper Inc., which is relocating its operations from across the Delaware River in Bucks County, PA. Located near Exit 4 of the New Jersey Turnpike, the property includes 3,000 sf of newly renovated offices. Terms of the signing were not released; comparable space in the market is listed with an average asking price of $4.50 per sf.