A 1.1-million-square-foot warehouse distribution center leased to Target Corp. in Logan, New Jersey, has traded for $265 million.

Torchlight Investors of New York bought the newly developed building at 300 Creekview Ave. and a nearby lot at 400 Crossroads Blvd. The sale came in at $240 a square foot and 2.98% cap rate, according to sources.  The sale price on a per square foot basis supplants a high water mark set over the summer when Watson Land Co. paid $107.74 million, or $201 a square foot, for a pair of industrial buildings in South Jersey. Watson bought a 283,040-square-foot building at 100 Huff Lane, and a 252,750-square-foot building at 191 Harmony Road, in East Greenwich.

*Article courtesy of Philadelphia Business Journal

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