The advisor and sponsor of RREEF Property Trust, Inc. has entered into an agreement to acquire a 259,910 square-foot, multi-tenant industrial warehouse on a 14.4 acre site, as well as an adjacent 9.7 acre land parcel with development potential, in Logan Township, NJ, for $19.75 million, exclusive of closing costs.
The seller is DP 1109 Commerce LLC, an indication that the property is Dermody Properties‘ 1109 Commerce Blvd asset in the LogistiCenter at Logan business park, an 1,100-acre master-planned business park fronting Center Square Road in Logan Township.
1109 Commerce Blvd is a modern, pre-cast, tilt-up, concrete-panel warehouse located at Exit 10 of Interstate 295. Built in 1998, the building features 33′ clear heights sloping to 31′, sixty tailgate docks and two drive-in doors, according to LoopNet. Fully air-conditioned and heated, the building has 9,000+ square feet of offices and parking for 150 automobiles and 80 trailer parking spaces.
LogistiCenter at Logan is 12 miles south of Philadelphia, and is served by the SMS Rail Lines short line, which connects to three Class 1 railroads. The LogistiCenter at Logan business park will accommodate over 7.4 million square feet of industrial, distribution, and light manufacturing space. Currently, there are 4 million square feet of fully entitled land acres to 100 acres and buildings from 10,000 square feet to 1.2 million square feet.
DP Partners acquired the vacant 260,000-square-foot former Linens ’N Things distribution center for $9.1 million, or $35 per square foot, in 2011, according to costar.com. Selling the property to RREEF is subject to substantial conditions, including, but not limited to:
(1) the Seller’s satisfaction of various closing conditions contained in the Purchase Agreement;
(2) the completion of inspection periods and delivery of the required documents at closing;
(3) the receipt by the Company of certain tenant estoppels; and
(4) the resolution of certain tax matters in compliance with New Jersey law.
There is no assurance that RREEF will close on the acquisition of the property.