PHILADELPHIA, April 20, 2023 /PRNewswire/ — Atlanta-based Portman Industrial acquired a 49-acre development site in Carney’s Point, NJ through a joint-venture with D2 Harding Highway, LLC an affiliate of D2 Organization, an experienced local owner-operator-developer.
The site is located directly off Exit 4 at the I-295 and Highway 48 interchange and sits along South Golfwood Avenue. It is just 3-miles from the Interstate 295 and the New Jersey Turnpike interchange and 4-miles from the Delaware Memorial Bridge making it a prime logistics location to fulfill both local Philadelphia MSA operations and greater regional distribution.
D2 assembled the development site from four previous owners, who each owned individual lots of approximately 31, 13, 4, and 1 acre(s). D2 then worked with local officials and stakeholders to secure entitlements for a 587,500 square foot state-of-the-art warehouse at the assemblage. Upon unanimous final approval for the development plan, the joint venture between Portman and D2 purchased the four parcels in January 2023.
Portman is now leading the construction and leasing efforts and plans to deliver the building in Q1 2024.
As of Q4 2022, the vacancy rate in Salem County is just 3.6%. The prices of Class A rents in Southern NJ have passed the $12 watermark. The barriers to entry to develop land in Southern NJ along with challenging debt markets have put a strain on supply, adding value to approved projects under construction and keeping occupancy and rent growth positive in 20231.
“We’ve witnessed firsthand the growth and demand for a variety of industrial product in Salem County over the past five years,” said Keith Delaney, CEO of D2 Organization. “Once we structured the opportunity to partner with Portman, a best-in-class developer, for a 500,000 plus square foot development, at this location – the joint venture was an easy decision.”
ABOUT Portman Industrial
Portman Industrial is a division of Portman Holdings, focused on the development of logistics real estate in strategic markets across the U.S. Established in 2020, Portman Industrial is a national developer with projects totaling over 800 acres of land housing developments of over 8.3 million square feet of modern logistics space at a development cost of nearly $1 Billion. Throughout the past 63 years, Portman Holdings has raised and deployed over $12 billion and developed over 72 million square feet of premium real estate.
ABOUT D2 Organization
D2 Organization is a privately owned opportunistic investment group focused on acquiring and repositioning land for new development. D2 has developed projects that support over 5 million square feet of industrial property. For more information, please visit www.d2organization.com / Media Contact: Lindey Corcoran – 484.322.5440 [email protected]
1 Source: CBRE, Philadelphia Industrial Figures Q4 2022. January 13, 2023.
SOURCE D2 Organization
Originally published at https://www.prnewswire.com/news-releases/portman-industrial–d2-organization-announce-joint-venture-to-develop-a-587-500-square-foot-warehouse-in-carneys-point-township-nj-301802394.html
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Real Estate - Miami in News originally published at Real Estate - Miami in News