EQT Real Estate, based in Radnor, is adding 2 million square feet of industrial space in South Jersey to its portfolio, writes Paul Schwedelson for Philadelphia Business Journal.
The $308.7 million purchase is one of the region’s largest industrial deals in recent years.
Amazon.com Inc. occupies the largest building in the Forest Park Corporate Center in West Deptford, covering 494,000 square feet.
The Amazon building at 1250 Forest Parkway was a former distribution center for Nine West.
The 1.97 million-square-foot industrial park was sold by New York Life Investment Management’s Real Estate Investors for about $156 per square foot.
The purchase covers nine light industrial and mid-bulk warehouse buildings. Other tenants include DHL and NFI.
EQT is planning capital improvements and enhancements to the outside of the buildings. It did not indicate how much of the park is currently occupied.
“We see clear potential to enhance the park through active leasing, targeted redevelopment, and thoughtful capital improvements,” EQT Global Chief Investment Officer Matthew Brodnik said in a statement. “With strong structural demand for modern infill logistics space, we believe the portfolio is well positioned to benefit from long-term supply chain trends and population growth across the Northeast.”
Read more about EQT’s industrial property activity in the Philadelphia Business Journal.
