Colliers International has brokered the sale of a 21-building, 241,410-square-foot industrial portfolio in West Berlin — Courtesy: Colliers International
By Joshua Burd
An investment group has paid more than $16 million to acquire a 21-building, 241,410-square-foot industrial portfolio in Camden County, brokers with Colliers International said Monday.
In a news release, the real estate services firm announced that an affiliate of Industrial Investments Inc. has closed on the collection of flex and industrial properties in West Berlin. The property, which changed hands for $16.05 million, includes the 16-building Bloomfield Business Park and five buildings along Commerce Lane in the Commerce Lane Business Park.
Colliers’ Ian Richman and Marc Isdaner represented the seller, while Michael T. Bown Sr. represented the buyer in-house. The brokerage team noted that the portfolio consisted of 55 tenants and was 98 percent occupied at the time of the sale, with tenants including United Refrigeration, Cooper Electric, Bath Fitter, Terminix, ProSource and Ewing Irrigation.
In announcing the deal, Colliers noted that Bloomfield Business Park was originally developed in several phases during the late 1980s and early 1990s. The joint venture of The Bloom Organization and Tom Merryfield built the complex, where each building spans 10,500 square feet.
“We are delighted to expand our footprint in the South Jersey industrial market with the acquisition of the West Berlin portfolio of master-planned, well-manicured, multitenant industrial buildings with excellent accessibility to consumers, retail locations and major roadways,” Industrial Investments wrote in a prepared statement. “The Bloom Organization has done an excellent job in the design, construction and management of this portfolio, and we are pleased to have had the opportunity to purchase such a desirable asset with the help and expert guidance from Marc and Ian.
“We look forward to further developing the property, utilizing the available lots on Route 73 for build-to-suit opportunities for retail, office or industrial buildings up to 25,000 square feet each.”
