-- Warehouse Flex Sites Total 241,410 Square Feet --

L to R: Marc Isdaner, Christopher Bown, Michael Bown and Ian Richman

Ian Richman and Marc Isdaner of Colliers International’s industrial team have completed the sale of a large portfolio investment sale totaling 241,410 square feet across 21 buildings in West Berlin, NJ for a price of $16,050,000. The buyer was an affiliate of Industrial Investments, Inc., headquartered in Blue Bell, PA, and was represented by Michael T. Bown, Sr., in this transaction.

The sale included Bloomfield Business Park, which is comprised of 16 multi-tenant warehouse/flex buildings and five multi-tenant buildings along Commerce Lane in the Commerce Lane Business Park.

The portfolio consisted of 55 tenants and was 98% occupied at the time of sale.

Bloomfield Business Park was originally developed as a joint venture between The Bloom Organization and Tom Merryfield in the late 1980s/early 1990s in several phases. Each building is 10,500 square feet. The early stage buildings consisted of five units of 2,100 sf each with five front entrances, five electric services and five loading doors. The early stage buildings have drive-in loading only. In the later stages of construction, the buildings were built on larger lots that allowed for five tailgate loading doors in the back and drive-in doors on the end units.

Tenants in the portfolio include United Refrigeration, Cooper Electric, Bath Fitter, Terminix, ProSource and Ewing Irrigation.

The West Berlin industrial sub-market consists of nearly 1.9 million square feet with roughly 2/3 of the square footage being owner-occupied. This was an attractive investment opportunity for one buyer to control a substantial amount of the investor-owned inventory.

Regarding their recent purchase, incoming owner Industrial Investments offered:

“We are delighted to expand our footprint in the South Jersey Industrial Market with the acquisition of the West Berlin portfolio of master-planned, well-manicured, multi-tenant industrial buildings with excellent accessibility to consumers, retail locations and major roadways. The Bloom Organization has done an excellent job in the design, construction and management of this portfolio, and we are pleased to have had the opportunity to purchase such a desirable asset with the help and expert guidance from Marc and Ian. 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.”

About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliersor LinkedIn.

About Industrial Investments:
Industrial Investments, Inc. is a multi-generational family business that owns and manages several million square feet of warehouse, industrial and flex rental properties located throughout the greater Delaware Valley region. We take a hands-on, long-term, value-add approach to all of our projects and we strive to build lasting relationships with our tenants and to provide with the rental space they need at the right price. Learn more at industrialinvestments.com