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BRIDGEPORT, NJ-Emory Hill Real Estate Services Inc. has sold Pureland VI, a 597,232-sf, single-tenant industrial building located at 200 Birch Creek Rd. here. The Chicago-based Cornerstone Realty Advisers Inc., an investment adviser for pension plans and a variety of other funds and institutions, paid $28.5 million for the W/D asset, a final number that factors out to just less than $48 per sf.

The New Castle, DE-based Emory Hill development arm built Pureland VI back in 1991 as a build-to-suit warehouse/distribution facility for Becton, Dickinson and Co., and the latter has continued its full occupancy of the asset for distribution of its medical devices, instrument systems and reagents ever since. And Becton, Dickinson recently signed a lease extension running through August 2013 for the site.

“It’s a first-rate warehouse and distribution property,” says Michael Hines, executive vice president of CB Richard Ellis’ Greater Philadelphia Investment Property-Institutional Group of Wayne, PA. He teamed with fellow CBRE EVP Robert Fahey in the marketing and eventual disposition of the asset on behalf of Emory Hill. “The property has a stabilized income stream from an A+ positive/A1 S&P rated tenant.”

The Pureland VI building is located on more than 77 acres near Exit 10 of I-295, and within the Pureland Industrial Complex. The latter is a 10 million-sf industrial park that spreads out over some 3,000 acres in South Jersey. The Pureland VI property also has all permits in place to expand by an additional 172,000 sf, although no specific plans have been announced.

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