RREEF Property Trust, Inc. has acquired the Commerce Corner industrial building at 1109 Commerce Blvd. in Logan Township, NJ from Dermody Properties, Inc. and Great Point Investors LLC for $19.75 million. Included in the sale was an adjacent 9.5-acre development land parcel.
The 259,910-square-foot distribution center was built in 1998 on 14.4 acres in the Gloucester County Industrial submarket. It features 60 loading docks and a drive-in, 33-foot clear heights, and a 146-foot truck court.
At the time of sale the asset was fully leased to Vistar Corp and Mission Produce.
The building is part of the 3.1 million-square-foot LogistiCenter at Logan industrial park, which offers proximity to four major shipping ports with direct access to I-295 and Philadelphia's central business district and airport, as well as the Port of Philadelphia.
"Commerce Corner is a state of the art, multi-tenant distribution facility with excellent prospects for income generation and total return. We are pleased to add this investment to the RREEF Property Trust portfolio," said Todd Henderson, chairman of the board at RREEF Property Trust and head of real estate, Americas at Deutsche Asset & Wealth Management.
www.omegare.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.