Foxfield Industrial Acquires 3-Building Portfolio in Logan Township, NJ
Logan Township, NJ – April 6, 2018 – Novaya Foxfield Industrial LLC (Foxfield) announces the acquisition of a three-building light industrial portfolio, totaling 193,000 SF, for $8,500,000. The buildings are located at 603 Heron Drive, 614 Heron Drive, and 1 Killdeer Court and within the Pureland master-planned industrial park.
The portfolio features suites ranging from 3,000 SF to 50,000 SF, and clear heights of 14 – 21’. At closing, the portfolio was 58% occupied, whereas the overall vacancy rate in Gloucester County sits at just 3.5% as of 4Q17. Foxfield plans to execute an aggressive marketing campaign to lease existing vacancies, along with a capital program to modernize building systems.
“This acquisition aligns with our strategy perfectly. The properties are severely under-leased in one of the best performing in-fill parks in Southern Jersey. The properties can accommodate a wide range of users. They are also well situated to benefit from the last-mile revolution by serving the densely populated Southern New Jersey neighborhoods, and Philadelphia, which is a short drive across the Commodore Barry Bridge,” notes Foxfield Principal, Jeff Harper.
Scott Mertz of NAI Mertz has been hired to represent the new ownership in marketing and leasing the building.
About Foxfield Industrial-
Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, is a real estate operating company focused on the acquisition and operation of industrial properties throughout the Mid-Atlantic and the Southeast United States. The partnership aims to provide compelling, absolute investment returns while maintaining a margin of safety.
Foxfield and its affiliates currently manage over $100 million in existing assets and development projects. In the past 18 months they have acquired 10 properties totaling 1MSF.
Learn More About Foxfield Ventures or follow Foxfield on Twitter @foxfieldind.