Lend Lease Sells Industrial Portfolio Totaling 665,000 SF

WOOLWICH TWP., NJ-Industrial properties, especially the warehousing and distribution variety, are still high on investors’ wish lists, even in the current flat real estate market. As one example, Lend Lease Real Estate Investments, Inc. has just sold a four-building industrial portfolio of more than 665,500 sf.

Two of the buildings are located here, while the other two are sited in New Castle County, DE. The buyer of the portfolio was Invesco Realty Advisors, which acquired them on behalf of an unnamed pension fund. Neither the sale price of the package nor the terms of the transaction were disclosed.

Douglas G. Joseph, first vice president, and Bill Goodwin, senior vice president of the Philadelphia office of CB Richard Ellis, arranged the sale on behalf of Lend Lease Real Estate Investments. CBRE’s Delaware Valley offices are located in Philadelphia’s Penn Center; Chesterbrook Corporate Center in Wayne, PA; in Harrisburg, PA and in suburban Wilmington, DE’s Greenville Center.

All four buildings involved in the recent sale were fully leased when the transaction closed, according to Joseph. The two New Jersey assets within the four-building group, located in this Gloucester County township, are situated within the Commodore 295 Business Park. They encompass more than 403,000 sf of state-of-the-art warehousing and distribution space on just over 21.5 acres. Major tenants in the properties include Trek Bicycle, D. L. Mathews & Co., Columbia Lighting, Kodak Polychrome Graphics and ITW Hobart Brothers. Both structures include space that is built-out for offices, and feature precast tilt-up panel construction with tinted, insulated glass-curtain wall.

The two Delaware buildings, according to Joseph, total more than 263,000 sf on a 25.4-acre site in the Pencader Corporate Center. The Pencader portion of the portfolio sale also includes an 8.3-acre future building site, zoned for industrial or commercial use. Major industrial tenants at the two facilities include Precise Technology and Livingston Healthcare.