South Jersey industrial buildings built on speculation sell for $108M, set record for price per square foot

A California real estate company has paid $107.74 million, or $201 a square foot, for a pair of industrial buildings in South Jersey. 

Watson Land Co. bought a 283,040-square-foot building at 100 Huff Lane, and a 252,750-square-foot building at 191 Harmony Road, enters South Jersey with the purchase, and expands its East Coast presence. The company, which focuses on buying and developing industrial real estate, owns properties in the Lehigh Valley.  The sale of the Cubes at Huff Lane and the Cubes at Harmony Road in East Greenwich sets a new high watermark on a per-square-foot basis for traditional a warehouse in South Jersey. 

The seller was CRG, the real estate development and investment arm of Chicago-based Clayco.

The transaction embodies all of the aspects of the industrial market these days, particularly in South Jersey. 

Banking on continued robust demand, CRG developed the two buildings in 2020 on speculation, or without any tenants lined up to fill the space. The location of the two buildings had all of the elements for success since it was adjacent to Interstate 295, a half-mile from the New Jersey Turnpike and about 20 miles from Interstate 95. 

*Article courtesy of Philadelphia Business Journal

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