Industrial Investments Inc. has acquired a 21-building industrial portfolio in Camden County, New Jersey, for $16.1 million from The Bloom Organization.
The sale involved 21 buildings in West Berlin, including the Bloomfield Business Park, that total 251,410 square feet. The buyer is an affiliate of Blue Bell, Pennsylvania-based Industrial Investments, while the seller, Bloom, is headquartered in Mount Laurel, New Jersey.
In a statement, Industrial said it wanted to expand its footprint in South Jersey.
“We look forward to further developing the property, utilizing the available lots on Route 73 for build-to-suit opportunities for retail, office or industrial buildings up to 25,000 square feet each,” the company said.
The portfolio has 55 tenants and was 98% occupied at the time of sale. Bloomfield Business Park alone has 16 multitenant warehouse/flex buildings and five multitenant buildings along Commerce Lane in the Commerce Lane Business Park.
Bloomfield Business Park was originally developed as a joint venture between Bloom and Tom Merryfield in the late 1980s/early 1990s in several phases, according to a statement from Colliers.
The tenants in the portfolio include United Refrigeration, Cooper Electric, Bath Fitter, Terminix, ProSource and Ewing Irrigation.
The West Berlin industrial market includes nearly 1.9 million square feet with roughly two-thirds of the square footage being owner-occupied.
For more information about this South Jersey industrial space for sale or about any other South Jersey commercial properties for sale or lease, please contact the team at Wolf Commercial Real Estate, a Southern New Jersey commercial real estate brokerage firm at 856-857-6300.
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