400 Delran Parkway in Delran — Courtesy: JLL
By Joshua Burd
A national investment firm has expanded its holdings in New Jersey, acquiring a 174,000-square-foot industrial building in Burlington County.
Brokers with JLL on Thursday announced the sale of 400 Delran Parkway in Delran, part of the Swedes Run Business Park along Route 130, to LBA Logistics. The Irvine, California-based investor purchased the property for $10.7 million.
JLL Executive Vice President John Plower, Managing Director Larry Maister, Vice President Dean Torosian and Managing Director Nate Demetsky represented the seller.
Sitting on about 16 acres, 400 Delran Parkway is a short distance from Interstate 295 and the New Jersey Turnpike, JLL said. The building was previously home to a Fortune 500 company and is close to other well-known corporations.
“400 Delran Parkway presented LBA Logistics with a tremendous opportunity to create substantial value through the redevelopment and repositioning of the asset,” Plower said. “In today’s industrial capital markets world, it is challenging to find value-add and opportunistic investments in core markets.”