Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

DELANCO, NJ-In separate transactions, the Philadelphia office of First Industrial Realty Trust has picked up two South Jersey industrial properties totaling more than 335,700 sf. Both are fully occupied, one transaction involves the sale-leaseback of a logistics company’s headquarters, and both are within 10 miles of Downtown Philadelphia.

“Both of these acquisitions are ideal fits with out existing portfolio,” says Pete Corcoran, the company’s regional director, who notes that broker Scott Mertz of NAI-Mertz, Mount Laurel, assisted with the transactions. “They are consistent with our strategic plan for the Philadelphia region.”

The larger of the two acquisitions, which also involves the sale-leaseback deal, is the two-building, 230,274-sf headquarters of Jevic Transportation, a logistics and transport management company. Located at 600 and 700 Creek Rd. here, the newly acquired property is near both I-95 and I-295 and adjacent to Route 130, all major north/south trucking routes. Terms of deal, both the sale and the lease, were not released.

The second pick-up is the 105,450-sf 820 East Gate Dr. in Mount Laurel, situated near I-295 and Exit 4 of the New Jersey Turnpike. The property was acquired from S.V. Price & Co., a Hartsdale, NY-based REIT. The sale price was not disclosed, but the property had been listed with NAI-Mertz with an asking price of $5.9 million. The building is currently occupied and utilized as a regional W/D facility by Edward Don & Co., a Chicago-based distributor of food service equipment and supplies.

“It is either a functional regional or corporate headquarters, with 18,000 sf of finished offices and more than 87,000 sf of warehouse,” Corcoran says. “The warehouse space includes 24-ft clear height.”

Combined with another recent acquisition, First Industrial’s Philadelphia region has already grabbed up more than 890,000 sf so far this year. As reported byGlobeSt.com, the company earlier this month bought the 509,000-sf industrial building at 200 Cascade Dr. and an adjacent 50,000-sf building within the Lehigh Valley Industrial Park II in Allentown, PA, paying Conewago Equities $25.1 million for the properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.