Plans for 861 Sloan Ave., a 48.1-acre parcel in Hamilton, call for a new ground-up 420,000-square-foot industrial building. — Rendering courtesy: Cushman & Wakefield
By Joshua Burd
A joint venture has purchased more than 48 acres in Hamilton with approvals to build a new 420,000-square-foot industrial facility, brokers with Cushman & Wakefield announced.
The buyers, Lincoln Equities Group and PGIM, paid an undisclosed price for the parcel at 861 Sloan Ave., which is adjacent to the Hamilton train station and Exit 65 on Interstate 295, according to a news release. The deal comes nearly a decade after Manchester 270 Development Inc. acquired the site, reportedly with visions of a mixed-use redevelopment project, but Cushman noted Monday that the tract has site plan approval for the large warehouse project.
C&W’s Robert Rudin, Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema represented Manchester 270 Development in the sale and procured the buyers, noting that the new facility is slated for completion in 24 months.
“This site provided a variety of redevelopment options given its size, scale, zoning and proximity to interstates 95 and 295,” Schmidt said.
Gabriel added: “Lincoln Equities Group and PGIM have proven to be one of the state’s most successful development partnerships. The purchasers leveraged Lincoln Equities’ extensive local market knowledge as former owner of the adjacent American Metro Center, enabling the partnership to navigate this complex transaction.”
In announcing the deal, C&W noted that the area is home to several major logistics users such as DHL, Colgate and FedEx. Tenants have easy access to Philadelphia and New York City and an array of local amenities including the American Metro Office Center, shopping and dining options.
Previously, the site housed a 1 million-square-foot complex occupied by Congoleum Corp., the flooring manufacturer.
