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WOODBURY, NJ- Preferred Real Estate Investments Inc., a Conshohocken, PA-based development company, has acquired a former industrial complex here for a price tag in excess of $6 million. Huntsman Corp., a Salt Lake City-based chemical company, was the seller. The 100-plus acres of land contain a vacant, four-building, 90,000-sf industrial complex that was for many years occupied by the seller’s Huntsman Polypropylene Corp. division.

The transaction was put together by Bill Goodwin, a senior vice president of CB Richard Ellis’ Philadelphia office, who arranged the agreement of sale on behalf of the seller and was the sole agent. The value of the property in the wake of the sale is likely not to be in the site’s existing building stock, according to Goodwin, who terms the complex “essentially antiquated industrial buildings. The appeal of this property was in the more than 100 acres of developable ground at Exit 19 of I-295. It’s level land that has heavy utility services and active rail service, all of which make it appropriate for mixed-use development.”

Preferred has not disclosed its plans for the property. However, the firm, which could not be reached for comment, has a track record of mixed-use redevelopment projects in Pennsylvania and New Jersey.

Huntsman, a worldwide maker and marketer of commodity chemicals for a wide variety of industries, was originally known for innovations in packaging. But the company, citing excess capacity in the polypropylene industry, shuttered what officials termed “the oldest operating polypropylene plant in North America” in early 1999. The plant’s clients were passed off to other Huntsman production facilities in Texas and Michigan.

That closure came just two years after the company, which has its administrative headquarters on a brand-new campus in the Woodlands, TX, spent $30 million to expand and modernize the local plant at I-295 and Mantua Grove Rd. The site has been vacant since 1999, although a couple of years ago a plan was floated to turn it into an ethanol production plant.

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