300 Progress Court in Logan Township — Courtesy: Stonemont Financial Group
By Joshua Burd
Stonemont Financial Group has acquired a 67,000-square-foot industrial service facility in Logan Township, expanding its holdings in the Northeast and in a growing asset class.
The privately held firm, which is based in Atlanta, said the rail-served development at 300 Progress Court occupies 32 acres within the Pureland Industrial Complex. It’s now marketing the property for lease, seeking to tap into local market demand for warehouses below 100,000 square feet and its proximity to Philadelphia.
Sean Kelly, Marc Petrella and Michael Kimmel of KBC Advisors spearhead the agency team for the facility, which has direct access to the interstates 95 and 295 along with seven drive-in doors, two dock doors, office space, outdoor storage space and on-site rail access.
“We are pleased to complete our first ISF acquisition in New Jersey and within the Philadelphia market with 300 Progress Court, a unique asset that aligns with our long-term strategy located in the highly sought-after Pureland Industrial Park,” said Ken Lankford, assistant vice president at Stonemont. “This property offers tenants a combination of features that are increasingly hard to find, including unique logistical advantages with direct rail access, heavy power and unparalleled access to the region’s primary transportation arteries. As one of the earliest institutional investors in the industrial outdoor storage sector, Stonemont continues to see limited supply of well-located IOS and ISF assets nationwide, and this acquisition underscores our commitment to sourcing and delivering differentiated opportunities in high-demand markets like Philadelphia and beyond.”
Stonemont paid an undisclosed price in the deal with an unidentified buyer, noting that ISF is a subset of industrial outdoor storage and includes sites with functional service buildings in addition to stabilized fences and lit outdoor space zoned for storage. The firm has continued to see a highly constrained supply of well-located ISFs across the country, it said Thursday, noting that it has significantly grown its portfolio as demand for the asset class has strengthened.
To that end, Stonemont recently announced the acquisition of a 24.8-acre ISF facility in Dallas, a 5.81-acre property with 61,000 square feet of office space in La Porte, Texas, and a 5.28-acre site in Duluth, Georgia.
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