Rendering of 261 Swedesboro Paulsboro Road. Image courtesy of Cushman & Wakefield
Dermody Properties has purchased a 214,271-square-foot industrial development in Woolwich Township, N.J. Cushman & Wakefield made arrangements on behalf of the seller, Arbok Partners. The project is expected to be delivered in 2024.
Arbok bought the 14-acre development site for $2.7 million in 2021 for the construction of a new warehouse and distribution center, according to Courier Post. The property was previously home to a former Nike missile defense base which was active from 1957 to 1974.
Coming online at 261 Swedesboro Paulsboro Road, the industrial development was designed to include 40-foot clear heights, 39 dock doors, two drive-in doors, 169 vehicle parking spaces and 19 trailer parking spots. Situated some 15 miles from Philadelphia International Airport and 23 miles from downtown Philadelphia, the property is close to Interstate 295 and the New Jersey Turnpike, providing easy access to New York City, Baltimore, Md., and Boston.
Cushman & Wakefield Executive Vice Chairmen Gerry Blinebury and Gary Gabriel, together with Executive Managing Director Kyle Schmidt and Senior Analyst Brendan McGeary and assisted by Executive Managing Director John Gartland and Executive Director Jonas Skovdal, negotiated on behalf of the seller.
Earlier in June, the same company assisted a joint venture in the sale of a 501,600-square-foot industrial property in Covington Township, Pa. Hines paid $60 million for the asset.
Recent industrial activity in Philadelphia
Greater Philadelphia had the most active industrial market in the Northeast region in 2022, according to CommercialEdge data. The metro ranked first in terms of pipeline size, with 21.5 million square feet under construction at the end of November, representing 5.3 percent of the existing inventory; New Jersey (13 million square feet) and Worcester-Springfield, Mass. (10 million square feet) followed.
Year-to-date as of April, the metro had nearly 17.7 million square feet of industrial space underway, a recent CommercialEdge report shows. One of the projects that broke ground in the first four months of the year, a 587,500-square-foot warehouse in Carney’s Point, N.J., is slated for delivery in the first quarter of 2024.
Another development entered the pipeline in May, when DH Property Holdings commenced construction on a two-building, Class A industrial project in Philadelphia. Completion is expected in late 2024.
