Lee & Associates of Eastern Pennsylvania recently brokered the sale of a parcel of land in Gloucester County’s Logan Township to Criterion Group, which subsequently enlisted the firm to exclusively handle leasing activity at the Industrial Outdoor Storage (IOS) site.
Principal Patrick Lafferty II represented the seller, Missa Bay LLC, in the $1.17 million sale of 2337 Center Square Road at Pureland Industrial Park, Lee & Associates of Eastern PA announced in July.
The site offers a small storage facility and can accommodate 30 to 40 tractor trailers in addition to offering room for other storage configurations.
North Jersey has seen at least a handful of industrial storage sales, recently. In March GlobeSt.com identified the IOS asset class as the “next institutional frontier,” estimated at $200 billion, and typically ranging from 1 acre to 20 acres. They’re used to support “e-commerce, infrastructure, construction and logistics businesses, storing everything from equipment and vehicles to stacks of containers.”
In Logan Township, Lafferty says he’s already seen interest in the property, which is located less than 2 miles from Interstate 295, 6 miles from Commodore Barry Bridge and less than 10 miles from Philadelphia. New York City, The Port of Wilmington and The Port of Philadelphia are all within driving distance.
“We have already fielded strong interest among various end-users for this site because this asset is in high demand and short in supply,” explained Lafferty.
According to Lee & Associates, more than 20 million square feet of industrial space is located within a 10-minute drive of 2337 Center Square Road.
“In many cases shipping containers or vehicles arrive on overseas vessels and are in need of a short-term layover situation while awaiting their next transport to a final destination,” he added. “Small sites such as this typically emerge as the most viable solution.”