EQT Real Estate acquired nearly 2 million square feet of industrial space in South Jersey. The transaction marks one of the region’s largest industrial deals in recent years.

The firm purchased Forest Park Corporate Center in West Deptford for $308.7 million. The seller was New York Life Investment Management’s Real Estate Investors.

The 1.97 million-square-foot portfolio includes nine light industrial buildings. The pricing equates to approximately $156 per square foot.

The largest building spans 494,000 square feet. Currently, Amazon fully occupies the facility at 1250 Forest Parkway.

Previously, the building operated as a Nine West distribution center. Additionally, other tenants across the portfolio include DHL and NFI.

The property sits less than a mile from I-295. It is located between Mantua Grove Road and Grove Road.

Moving forward, EQT plans to implement capital improvements across the portfolio. The firm will also enhance building exteriors to increase tenant appeal.

However, EQT has not disclosed the current occupancy rate of the portfolio.

*Article courtesy of The Philadelphia Business Journal

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

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