New Jersey

Over a four-year holding period, the Mountain/PCCP joint venture nearly doubled the building's occupancy to 95 percent at the time of the sale.

Demand for distribution and logistics space continues in southern New Jersey's rapidly growing industrial market.

The planned construction will expand the property by adding 122,000 square feet of class A, 32-foot clear, distribution space, bringing the total square footage to 235,000 square feet.

The property sold for $10.95 million at a 6% capitalization rate.

"Elevated demand from e-commerce retailers and distributors coupled with a limited supply of land and space, has led to record high sales prices for quality industrial assets like 39 Robinson," says NAI Hanson's Andrew Somple.

Class A availability and vacancy rates have declined precipitously over past 10 years.

Triple Five acquired the 105-acre campus earlier this year in a bank-ruptcy auction for $14 million. Triple Five is planning to redevelop the Shirley, Long Island campus into an aviation education and re-search center.

Residents will have access to health and wellness programs, nutrition and healthy food access, workforce development, adult and youth education support, and community engagement.