Thursday, August 26, 2021

CoreOne Sells South Jersey Industrial Facility for $26 Million

By Teresa Blackmon CoStar Research

CoreOne Industrial LLC has sold an industrial facility in Logan Township, New Jersey, for $26 million, or about $102 per square foot.

The Connecticut-based industrial investor sold the facility to Black Creek Industrial REIT IV, CoreOne said in a statement announcing the deal. CoreOne paid $12.4 million for the property in November 2017.

The industrial facility is located at 405 Heron Drive and totals 245,220 square feet. It was built in 1980, according to CoStar data.

"The Pureland Industrial Complex is Southern New Jersey’s premier industrial park," Joe Burton, president of CoreOne, said in the statement. "We have continued to invest in the park since our first acquisition in Pureland in January, 2017 and it has been consistently rewarding. The sale of our 405 Heron Drive asset will afford us the ability to immediately reinvest back into the market as we continue to uncover value and drive return for our investors."

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