2858 U.S. Route 322 in Logan Township — Courtesy: Cushman & Wakefield
By Joshua Burd
Cushman & Wakefield has brokered the sale of a sprawling 415-acre development tract in Gloucester County, where the buyer plans to build a 3 million-square-foot industrial park.
The brokerage firm said it represented the seller, Bridgeport Disposal LLC, in the $12 million trade of 2858 U.S. Route 322 in Logan Township. F. Greek Development of East Brunswick acquired the property, noting that it plans to develop the complex with Advance Realty.
The property was the largest industrial land site sold in New Jersey in 2016 that is not associated with a deep-water port, C&W said. The brokerage team and the seller, a corporate affiliate of Clean Harbors Corp., touted its location between New York City and Washington D.C., with direct access to Interstate 295, Route 322 and the New Jersey Turnpike.
Bryan Girts, Bridgeport Disposal’s vice president of real estate, added that the firm “provided the Cushman & Wakefield marketing team with pricing parameters, a strict closing timeframe and clear criteria for the buyer we sought, and they did an excellent job executing this transaction.”
That team included Matthew Marshall and Jeffrey Williams, managing directors in C&W’s Philadelphia office, along with Chicago-based Director Timothy Cahill and Boston-based Executive Vice President Rory Murray.
“Our team’s ability to identify the ideal buyer enabled us to attain a highly competitive price and complete the sales process and the closing efficiently and on schedule,” Marshall said.
In a news release, the brokerage said the site provides access and proximity to the ports of Philadelphia, Newark-Elizabeth and Baltimore and “is an ideal choice for firms looking to locate or relocate their distribution centers in southern New Jersey’s rapidly growing industrial market.” The property is serviced by Norfolk Southern and CSX railroads.
Cushman & Wakefield’s Philadelphia office will be retained to assist in marketing the new Logan North Industrial Park’s warehouse and distribution space, the news release said.
“We believe this location is the best in the market, and we sought to capitalize on a fantastic opportunity to purchase a large-scale site in a region that is quickly evolving,” said David Greek who handles development and acquisitions for F. Greek Development. “Philadelphia is evolving as a distribution destination, and as the southern New Jersey submarket becomes more institutionalized there is a growing need for modern Class A space in a range of sizes.
“We consider this a long-term generational asset, a perspective that differentiated us from other potential buyers. We are excited to develop this property with longtime partner Advance Realty.”