by John Jordan Globest.com
An affiliate of Blue Bell, PA-based Industrial Investments, Inc. has purchased a 21-building industrial portfolio here for $16.05 million and plans further mixed-use development on available lots adjacent to its newly acquired properties.
The acquisition includes Bloomfield Business Park, which consists of 16 multi-tenant warehouse/flex buildings and five multi-tenant buildings along Commerce Lane in the Commerce Lane Business Park.
The portfolio was 98% occupied at the time of sale to 55 tenants. Michael T. Bown, Sr., partner, Industrial Investments, represented the buyer in the transaction.
Bloomfield Business Park was originally developed as a joint venture between The Bloom Organization and Tom Merryfield in the late 1980s/early 1990s in several phases. Each building is 10,500 square feet. The early stage buildings consisted of five units of 2,100 sf each with five front entrances, five electric services and five loading doors. The early stage buildings have drive-in loading only. In the later stages of construction, the buildings were built on larger lots that allowed for five tailgate loading doors in the back and drive-in doors on the end units.
Tenants in the portfolio include United Refrigeration, Cooper Electric, Bath Fitter, Terminix, ProSource and Ewing Irrigation.
Industrial Investments states in connection with its latest purchase: “We are delighted to expand our footprint in the South Jersey industrial market with the acquisition of the West Berlin portfolio of master-planned, well-manicured, multi-tenant industrial buildings with excellent accessibility to consumers, retail locations and major roadways.”
The firm added that it plans to further develop the property, utilizing available lots on Route 73 for build-to-suit opportunities for retail, office or industrial buildings up to 25,000 square feet each.
www.omegare.com
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