300 Creekview Ave. in Logan Township — Courtesy: Advance Realty Investors
By Joshua Burd
A joint venture has sold a newly built, 1.1 million-square-foot Target facility and a nearby parcel in Logan Township for $265 million, in a transaction arranged by CBRE.
The partnership, which includes Advance Realty Investors and Greek Development, constructed the warehouse and distribution center as part of their Logan North Industrial Park along Route 322, just north of Interstate 295. They’re now reaping the benefits with the sale to New York-based Torchlight Investors LLC, which purchased the regional fulfillment center at 300 Creekview Ave. and the nearly 53-acre lot at 400 Crossroads Blvd.
“The Target Flow Center is ideal as it is located at the midpoint between New York City and Washington D.C. with immediate access to the Philadelphia Metropolitan Area’s populations, which continues to attract global tenancy and institutional owners,” said Brian Fiumara, a member of the CBRE National Partners team. “In addition to its central location in southern New Jersey, the facility will benefit greatly from Target’s planned $75 million investment.”
Fuimara represented the sellers alongside Michael Hines, Brad Ruppel, Joe Hill and Lauren Dawicki, along with Thomas Monahan, also of CBRE. In a news release, they noted that the property has 40-foot clear ceiling heights, wide column spacing and other modern features, along with parking for 1,640 cars, 126 trailers and 11 tractors.
The 52.6-acre drop lot, located to the north of the facility, is approved for 482 trailer parking stalls, 14 tractor parking spaces and 11 car parking spaces.