By Joshua Burd
A pet food company has sold two Pennsauken industrial buildings for a combined $18 million, in a set of transactions by Binswanger Commercial Real Estate Services.
Brokers with the firm represented Simmons Pet Food in its disposition of 6851 River Road and 9130 Griffith Morgan Lane, which are 10 miles from Center City Philadelphia. The buildings span 201,000 and 189,498 square feet, respectively, and were sold to different buyers.
In the larger deal, Brooklyn-based KB Furniture acquired 6851 River Road for $10.6 million, Binswanger said. The new owner plans to manufacture and distribute furniture products from the property, which was built in 1997 and offers 550 feet of frontage on the Delaware River.
The brokerage firm identified Kenover Marketing as the buyer of 9130 Griffith Morgan Lane, which traded for $7.4 million and includes 20,700 square feet of cold storage space. The purchaser, a division of the kosher specialty food company Kayco, will use the facility to warehouse and distribute its Royal Wine products.
“Southern New Jersey, particularly Pennsauken, has proven to be one of the hottest markets in the Mid-Atlantic region for industrial properties,” said Chris Pennington, a senior vice president and partner with Binswanger, who brokered the transactions. “Both of these properties sold quickly, which tells you the demand for manufacturing and distribution, and in the case of the Griffith Morgan Lane property, cold storage, is at an all-time high. We received multiple offers on each property.”
In a news release, Pennington said the new owners of both properties will enjoy proximity to Interstate 95 in Pennsylvania and New Jersey corridors such as Interstate 295 and Route 130.
