Salem Business Center at 3, 4 and 7 Collins Drive in Carneys Point — Courtesy: D2 Collins LLC
By Joshua Burd
An investment group has purchased a 48-acre development site in Salem County, seeking to expand its holdings and capitalize on growing industrial rents in the region.
According to the buyer, D2 Collins LLC, the deal includes the former Salem Business Center in Carneys Point, spanning 35 acres across three vacant parcels at 3, 4 and 7 Collins Drive, where it has secured entitlements to build three high-end warehouses totaling 586,000 square feet. The privately held firm also acquired a 10-acre parcel at 1 Collins Drive that’s home to a 78,000-square-foot office building, along with an adjacent three-acre residential outparcel.
The seller of the Collins Drive properties was the Delaware River & Bay Authority. American Dream Realty represented D2, an affiliate of the D2 Organization, while Miami-based BridgeInvest provided $16.1 million in financing toward acquisition and predevelopment costs.
In announcing the deal, D2 noted that Salem Commerce Park is immediately off Interstate 295 Exit 4, at the junction of Route 48 and three miles from the I-295 and the New Jersey Turnpike interchange. It’s also four miles from the Delaware Memorial Bridge, allowing users to distribute both locally in the Philadelphia market and regionally.
The firm added that, since 2019, it has successfully entitled more than 2.75 million square feet of industrial development projects in Salem County alone. During that time, rents for Class A industrial space in the county have more than doubled to more than $11 per square foot.
