3, 4 and 7 Collins Drive in Carneys Point — File photo/Courtesy: D2 Collins LLC
By Joshua Burd
A developer has sold nearly 50 acres in Salem County with approvals in place for more than 707,000 square feet of new ground-up industrial space, brokers with CBRE announced.
Located in Carneys Point, the property includes three vacant parcels at 3, 4 and 7 Collins Drive and a 10-acre parcel at 1 Collins Drive that’s home to a vacant 78,000-square-foot office building, according to a news release. Plans call for 707,400 square feet of development across three buildings, which would benefit from the site’s location just off Interstate 295, three miles from New Jersey Turnpike and four miles from the Delaware Memorial Bridge.
CBRE’s Brian Fiumara and Brad Ruppel represented the seller, D2 Collins LLC, which acquired the assemblage just over two years ago. The buyer, EQT, paid an undisclosed price.
“We are thrilled to have completed this transaction as it will advance the development of a Class A modern logistics park in a market with excellent fundamentals,” Fiumara said. “The future of the site is in great hands with EQT, one of the leading investors in industrial and logistics properties in the nation.”
Investor eyes 586,000 sq. ft. warehouse project after buying Salem County parcels
