Monday, July 15, 2013

Albert Organics Distribution Center Sells for $11.8M

Dermody Properties and Stonemount Financial Group sold the fully leased 70,000-square-foot distribution facility located at 1155 Commerce Blvd. in Logan Township, N.J., to Gramercy Capital Corp. for $11.8 million, or approximately $170 per square foot. 

Dermody Properties began construction on the 70,000-square-foot facility in the fourth quarter of 2012 and completed the new facility in April of 2013. Building amenities include refrigerated storage, 15 loading docks and 1 drive-in door. 

Albert's Organics, a distributor of organically grown fresh produce, occupies the distribution center.

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