Principal Real Estate Investors has purchased a 171,269 square foot industrial asset located at 539 Route 130 in the Township of Hamilton, Cushman & Wakefield announced Tuesday.
Terms of the deal were not disclosed, but the sale concludes the Shoppes’ Hamilton property’s successful redevelopment, which was acquired in 2019 and demolished to make way for the newly completed modern warehouse.
The asset is located on 16.6 acres of land and included a ground lease for a separate bank branch. Completed in 2021, the property includes 36ft headroom, up to 40 cargo bays, parking for 150 automobiles and trailer storage.
The property is located off Exit 7A along Route 130, directly off Interstate 195 – and therefore minutes from Interstate 95 and is easily accessible to Routes 1 and 206, allowing easy access to Philadelphia, New York and area ports.
Gary Gabriel, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the sellers, Penwood Real Estate Investment Management, through its fifth value-added investment vehicle, Penwood Select Industrial Partners V LP, and Metrix Real Estate Services LLC , as part of the transaction.
Gabriel said the sale is a sign of the times
“Since the onset of the pandemic, logistics demand has accelerated significantly as e-commerce spending has increased,” he said. “The property’s strategic location in a tight New Jersey industrial market, coupled with its long-term lease with a strong credit tenant, made it a very attractive acquisition.
Metrix managing partner Michael Nachamkin said the project did not require any zoning changes and received municipal approvals very quickly.
“The site offered an exciting opportunity to convert the mall into high demand industrial space,” he said.
Andrew MacDonald, vice president of acquisitions at Penwood, said the sale was the result of a long team effort.
“This was a complex redevelopment that was delivered on time thanks to the expertise of the entire team,” he said. “The end result is a state-of-the-art asset that was in high demand. Excellent execution by everyone involved.