$265M sale of Target-leased distribution center in South Jersey sets new record for price per square foot

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

For more information about South Jersey industrial space for sale or lease in South Jersey or about any other South Jersey properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier South Jersey commercial real estate broker that provides a full range of South Jersey commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other South Jersey commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of South Jersey commercial properties for lease or sale through our South Jersey commercial real estate brokerage firm.