Portman Industrial & D2 Organization JV on 587,500 SF Development
Portman, D2 Break Ground on Philadelphia Project
The warehouse will encompass 587,500 square feet, slated for delivery next year.
Portman Industrial, in a joint venture with D2 Organization, has broken ground on a 587,500-square-foot warehouse in Carney’s Point, N.J. Portman is handling construction and leasing efforts and plans to deliver the building in the first quarter of 2024. D2 Organization assembled the site from previous owners and secured development entitlements.
The partnership acquired the 49-acre site in January for $7.6 million, according to Salem County records. Georgia Bank Co. provided a $13.8 million acquisition loan. The site includes four parcels, encompassing 31, 13, 4 and 1 acres.
The development will be situated along South Golfwood Avenue—14 miles from Wilmington, Del., and 31 miles from Philadelphia. The project will be constructed off Exit 4 of the Interstate 295 and Highway 48 interchange. Companies in the surrounding area include Walmart, Amazon, Goya Foods and Five Below Warehouse & Distribution Center.
Expanding Southern New Jersey’s footprint
In January, D2 Organization announced plans for three Class A buildings, totaling 586,000 square feet, called Salem Commerce Park. BridgeInvest provided $16.1 million in acquisition and predevelopment financing. In total, D2 Organization will expand Southern New Jersey’s industrial footprint by roughly 1.2 million square feet.
Salem County had an industrial inventory of 6.7 million square feet as of March, according to a CBRE report on the Philadelphia market. The county’s vacancy rate stood at 1.4 percent—300 basis points lower than the Philadelphia area. More than 2.1 million square feet of new space was under construction in the county.
Source: https://www.commercialsearch.com/news/portman-d2-break-ground-on-philadelphia-project/