By Joshua Burd
A real estate investment trust has acquired a nearly 200,000-square-foot industrial property in Swedesboro as part of a recent two-building, two-state deal.
In a news release, brokerage Colliers International said it represented the private seller in the $25.15 million sale of the properties to Gramercy Property Trust. The Swedesboro building is a 197,500-square-foot facility, while the other, which is roughly the same size, is located in Fairfield, Ohio.
Colliers did not identify the address of either property, but the tenant is listed as having an address at 2321 High Hill Road in in Swedesboro.
The buildings are leased to Heritage Bag Co., a manufacturer of plastic bags and liners sold to institutional and commercial customers, Colliers said in a news release. The leases are for 14 years with absolute net lease structures.
The Colliers International East Region Investment Group team included Dennis Mitchell and Matt Wirth in Atlanta, Steve Timmel and John Gartner in Ohio, and Marc Isdaner in New Jersey.
“Our client and Gramercy worked together efficiently to execute a seamless transaction before the end of the year,” Dennis Mitchell said in a prepared statement.
The two assets included were originally part of a three-building portfolio that also included a building in Southern California’s Inland Empire market, but that property sold in a separate transaction.