D2 Collins LLC Sells Logistics Park in Carneys Point, NJ

News Summary

D2 Collins LLC has sold a 48-acre logistics park development site in Carneys Point, NJ, to EQT Real Estate for $707.4 million. This transaction signifies a considerable transformation for the local economy, supporting plans for three large warehouse facilities aimed at boosting industrial growth. The site benefits from a prime location near major transportation routes, enhancing its appeal for future businesses. As the demand for industrial space increases, this development is expected to foster a vibrant economic landscape in the area.

Exciting New Development in Carneys Point, NJ!

Big news for the charming town of Carneys Point as D2 Collins LLC has officially sold a sprawling 48-acre logistics park development site to EQT Real Estate for a whopping $707,400,000. That’s right! This sizable transaction marks a significant shift in the local landscape, creating new opportunities and bringing a buzz of excitement to the area.

What’s the Plan?

The newly-acquired site is nestled at 1, 3, 4, and 7 Collins Drive in the well-known Salem Commerce Park. EQT Real Estate has ambitious plans for this location, as it’s expected to be a hotbed for industrial growth in the coming years. With three state-of-the-art warehouse facilities on the drawing board, including:
– Building A: 178,500 square feet
– Building B: 254,500 square feet
– Building C: 274,400 square feet

That’s a total of 707,400 square feet of modern space that promises to meet the growing demand for industrial and logistics operations.

Strategic Location

The site boasts a prime position near major transportation hubs. Situated just off Exit 4 of Interstate 295, it provides excellent access to the Delaware Memorial Bridge, the New Jersey Turnpike, and regional ports. This means it will be perfectly located for servicing not only the Philadelphia metropolitan area but also the bustling markets of New York, Baltimore, and Washington, D.C.

A Collaborative Effort

What’s even more impressive is that D2 Collins LLC worked closely with local officials to get the green light for the project. As part of this collaboration, they expanded the development by demolishing an old office building to make way for the new warehouses.

Market Viability

Carneys Point is showing promising signs with a high demand for industrial and logistics properties. Over the years, this demand has pushed the rental prices for industrial space in Salem County to more than double—from about $5 per square foot to over $12 per square foot. That’s a significant increase and certainly indicates a thriving market!

Interestingly, since acquiring the properties from the Delaware River & Bay Authority in December 2022, D2 has been on a roll. They originally planned for a total of 586,000 square feet of warehouse space but expanded it to meet the needs of the modern market after discussions with local officials. The entire 48 acres are linked by an approved PILOT agreement with the Township, which helps to lower tax obligations and operating costs for potential businesses.

A Promising Future

In recent years, D2 has managed to obtain entitlements for over 3 million square feet of industrial projects within Salem County. This clearly shows a thriving vision for the future of the area, as they anticipate significant industrial growth.

The Southern NJ/Eastern PA metropolitan area stands out as the second-largest big-box region in North America, featuring an impressive inventory of over 500 million square feet. This means the new logistics park is well-positioned not just to support local operations but also to provide logistics solutions to major northeastern markets.

The Team Behind the Transaction

In this whirlwind of activity, it’s worth noting that the CBRE’s National Partners team, led by Brian Fiumara, represented D2 in this monumental sale. With such professional backing, there is no wonder this transaction has the potential to be a game changer for Carneys Point.

In conclusion, the sale of this logistics park by D2 Collins LLC not only emphasizes the growth potential of Carneys Point but also signals a notable shift in the industrial landscape of New Jersey. With exciting developments on the horizon, this is just the beginning of what could be a booming chapter for the area!

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Additional Resources

• StreetInsider: D2 Organization Sells Logistics Park in Carneys Point, NJ
• Retail Brew: How South Jersey Became Warehouse Alley
• ROI-NJ: Rockefeller Group Commences Construction on Distribution Center
• Wikipedia
• Google Search: Carneys Point NJ Logistics Parks