By Rachel Whaley CoStar Research
TA Realty has purchased a newly built industrial facility at 1950 River Road in Florence, New Jersey, on a forward basis from Carson Cos., which developed the property.
The 486,812-square-foot Burlington County warehouse was completed this year and was fully leased leased to LC Logistics Services at the time of the sale. Financial terms of the sale were not disclosed.
LC Logistics was attracted to the facility, which is located adjacent to the New Jersey Turnpike and the Delaware River, due to its "best in class building specifications, robust parking capacity and ideal logistics dynamics," according to Lee & Associates, which brokered both the sale and LC Logistics' lease agreement. LC Logistics' 10-year lease term is valued at over $47 million.
“Burlington County is one of the most desirable locations for industrial development throughout the Northeast Corridor due to its proximity to both the New York City and Philadelphia metropolitan areas. In addition, the need for Class A distribution space that can conveniently service large consumer bases has been significantly magnified as shopping habits have shifted online with staggering growth."
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