Monday, October 12, 2020

CoreOne Purchases Six Industrial Properties for $28 Million

In several deals, CoreOne Industrial has acquired six single-tenant industrial properties in New Jersey, Pennsylvania and Connecticut for a total of $28 million.

The anchor of the buildings purchased by CoreOne, which is based in Norwalk, Connecticut, is a 200,000-square- foot distribution center at 2145 Center Square Road in Swedesboro, New Jersey.

The 370,000-square-foot portfolio also includes: 2631 Industrial Way in Vineland, New Jersey; 1300 John Tipton Blvd. in Pennsauken, New Jersey; 516 E. Township Line Road in Blue Bell, Pennsylvania; 490 St. John Church Road in Camp Hill, Pennsylvania; and 1010 Woodend Road in Stratford, Connecticut.

The properties are all fully leased.

"Each of these assets are in historically strong industrial markets and the buildings have exact functionality we seek in our portfolio," CoreOne President Joe Burton said in a statement. "The majority of the properties were acquired from owner/users and have been impeccably maintained. We were very fortunate to acquire these assets at a great cost basis in these future growth markets."

In September, CoreOne announced it had sold 1 Fitzgerald Ave. in Monroe Township, New Jersey, for $10.7 million.

"The New Jersey market has become one of our core competencies over the past five years," Burton said in a statement then. "The sale of our Monroe Township [property] will afford us the ability to immediately reinvest back into the greater New Jersey market as we continue to uncover value and drive return for our investors.”

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