603 Heron Drive, 614 Heron Drive and 1 Killdeer Court in Swedesboro — Courtesy: Novaya Foxfield Industrial LLC
By Joshua Burd
Investors have paid $8.5 million to acquire a three-building, 193,000-square-foot warehouse portfolio in the sprawling Pureland complex in Gloucester County.
The buyer, Novaya Foxfield Industrial LLC, said last week that it had closed on the light industrial properties at 603 Heron Drive, 614 Heron Drive and 1 Killdeer Court in Swedesboro. The portfolio was 58 percent occupied at closing, the firm said, noting that it “plans to execute an aggressive marketing campaign to lease existing vacancies, along with a capital program to modernize building systems.”
“This acquisition aligns with our strategy perfectly,” said Jeff Harper, principal of Foxfield. “The properties are severely under-leased in one of the best performing in-fill parks in Southern Jersey. The properties can accommodate a wide range of users.
“They are also well situated to benefit from the last-mile revolution by serving the densely populated southern New Jersey neighborhoods and Philadelphia, which is a short drive across the Commodore Barry Bridge.”
The portfolio features spaces ranging from 3,000 to 50,000 square feet and clear heights of 14 to 21 feet, Foxfield said in a news release. The firm also noted that overall industrial vacancy in Gloucester County sits at just 3.5 percent as of the end of 2017.
Scott Mertz of NAI Mertz has been hired to represent the new ownership in marketing and leasing the building.
Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, is a real estate operating company focused on the acquisition and operation of industrial properties throughout the Mid-Atlantic and the Southeast, the news release said. The firm and its affiliates currently manage more than $100 million in existing assets and development projects.