Industrial

Fully leased to FedEx Freight, 7012 FM 3009 is a 101,000-square-foot mission-critical facility that recently sold to S&B Detrick LP, a private investor on a 1031 exchange, for $25.7 million.

One problem: Even though construction of distribution centers are considered an essential business, companies supplying materials to sites are shutting down.

The property, originally built for Continental Can Company, is currently 70% leased to more than 20 tenants. No financial terms of the transaction were disclosed. Senior mortgage financing was provided by AmeriServ Financial.

Somple, Perkins and Allessio represented Spartech in the sale of the property to The Stro Companies in June 2019 of 211 South Newman St. and the adjacent 65,677-square-foot industrial building at 215 South Newman Street.

The funding for the New Jersey transit system was announced by US Rep. Chris Smith (R-NJ) and requires no local matching cost-share. The $2-trillion stimulus bill called the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by the House and signed into law by President Trump on March 27.

In this EXCLUSIVE, James Rice, vice president with AEI Consultants, recently shared his insights into navigating the HUD process, cost reduction and environmental issues on the horizon.

"We are seeing a little less manufacturing than before, but it's really of no concern because logistics and e-commerce continue to fuel the growth."

The stay at home order went into effective April 1 at 8 p.m. Previously, there were 33 counties on statewide stay-at-home orders. The first orders were issued on March 23 for seven counties.