By Paul Schwedelson – Reporter, Philadelphia Business Journal
A roundup of recent real estate news and transactions across the Philadelphia region:
$17 million
Camden-based logistics company NFI Industries paid $17 million for a 330,000-square-foot industrial building at 1515 Burnt Mill Road in Cherry Hill, according to Camden County property records.
NFI bought the property from Burnt Mill Group LLC, which acquired the property in 2009 for $2.3 million from Vineland Construction Co.
The property is near I-295 off Haddonfield-Berlin Road.
The Class B industrial property was built in 1960. In 2020, Devereux Advanced Behavioral Health New Jersey leased 26,500 square feet in the building.
$55.7 million
Summit, New Jersey-based Saxum Real Estate closed on a construction loan for $55.7 million for the second phase of its 466-unit development in the Northern Liberties section of Philadelphia. Phase 2, which will include 187 luxury apartments, is expected to cost $96 million with funding from a combination of equity and the construction loan.
The project site is located at 700-30 N. Delaware Ave., near the Delaware River waterfront in a part of Northern Liberties booming with new development.
Corebridge Financial, previously known as AIG Life & Retirement, provided the construction financing. Corebridge also provided a $77.5 million construction loan for the project’s first phase, which features a seven-story, 279-unit building at 711-35 N. Front St.
339,136 SF
Boston-based Taurus Investment Holdings bought a portfolio of five Class B industrial buildings in South Jersey from Wayne-based Endurance Real Estate Group. The portfolio totals 339,136 square feet and the five buildings are fully leased to 22 tenants.
Taurus declined to disclose the purchase price.
The properties are:
600 Delran Parkway, Delran (87,827 square feet)
601 Delran Parkway, Delran (57,930)
603 Heron Drive, Swedesboro (43,250)
614 Heron Drive, Swedesboro (46,888)
1 Killdeer Court, Swedesboro (103,241)
Taurus plans to build a 64,500-square-foot industrial building on a parking lot adjacent to the property at 600 Delran Parkway. The firm also plans to install rooftop solar panels on the new building and four of the existing buildings, reducing the portfolio’s annual carbon emissions by more than 300%.
Taurus’ nationwide industrial footprint includes more than 18 million square feet across 12 states.
Full story: https://tinyurl.com/32pmbc8y
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