MT. LAUREL, NJ-Making its first investment deal in the Delaware Valley region, Exeter Property Group has acquired the 70,000-sf W/D facility at 804 East Gate Dr. within the East Gate Corporate Center here. The sale price of $3.7 million factors out to approximately $53 per sf.
The deal was arranged by Richard F. Smith Jr., a principal of Avir Realty Group, Ft. Washington, PA. Smith represented seller Five Point Plaza Associates, a locally based private real estate investment partnership.
The building, situated on a 6.8-acre site, has been occupied on a long-term basis by Interline Brands, a Jacksonville, FL-based direct marketer and distributor of maintenance, repair and operations products, including plumbing, electrical, hardware, HVAC and related supplies. The company uses the location to serve customers in the tri-state region of New Jersey, Pennsylvania and Delaware.
The new owner of the building is a $300-million industrial value-add real estate private equity fund based in Plymouth Meeting, PA. The group focuses on big-box warehouse, multi-tenant industrial and flex properties in the eastern and mid-south regions of the country.
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