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Warehouse

181,400SF Value-Add NJ Industrial Portfolio

206 W Parkway Dr, Egg Harbor Township, NJ 08234

Listing Price: Request For Offer

Gross SF
181,400
Lot Size
20.40 acres
Year Built
1984
Rentable SF
181,400

Investment Overview

Marcus & Millichap has been retained as the exclusive advisor to market for sale a three-property portfolio in Southern New Jersey (the “Portfolio”). The Portfolio consists of warehouse and flex buildings which constitute 181,400 square feet of improvements across 20.40 acres. The Portfolio is comprised of 206 West Parkway Drive in Egg Harbor Township in addition to 651 South Mill Road and 645 South Mill Road in Absecon (the "Properties"). 645 and 651 South Mill Road occupy adjacent parcels and are 2.09 miles away from 206 West Parkway Drive. The properties benefit from immediate proximity to every major roadway in coastal South Jersey including US-9, US-30, US-40/US-322, the Garden State Parkway, and the Atlantic City Expressway (see Local Map). Unlike Northern New Jersey, trucks and commercial vehicles are allowed on the Garden State Parkway south of Exit 105 (approximately sixty seven miles north on the Garden State Parkway from junction with Atlantic City Expressway). The entirety of the Portfolio is within a ten minute drive of the Atlantic City International Airport. In Atlantic County, the industrial market for buildings larger than 10,000 square feet has a current vacancy of less than one half of one percent, outperforming every county immediately adjacent to Philadelphia inclusive of Philadelphia County (see Regional Market Metrics). Additionally, there has been no recent new development and there is none underway that will be available for lease on the open market. At the same time, demand for industrial space has grown substantially. As a result, market rents have recently seen double digit percentage growth on an annual basis. Across the Portfolio, total gross rent trails current market potential by twenty five to thirty percent. This is largely due to the fact that the properties are encumbered by leases that commenced before the market began seeing double-digit percentage increases to rent. Also, although the Portfolio has a physical occupancy of ninety two percent, all of the suites are currently occupied. That is, some suites are not fully occupied and tenants only lease a portion of the space. As such, the Portfolio is well positioned experience dramatic NOI growth while already having a base of tenancy that includes publicly traded, investment grade tenants. Qualified investors are encouraged to reach out to the Listing Team for more information or to schedule a tour.

Investment Highlights

  • Less Than One Half of One Percent Submarket Vacancy
  • Value-Add Opportunity With 2X NOI Potential Over Five Years
  • Excellent Access to All Major Roadways Serving Submarket
  • Existing Tenancy Includes Numerous Publicly Traded Companies

Exclusively Listed By

Warehouse

181,400SF Value-Add NJ Industrial Portfolio

Listing Price: Request For Offer

Gross SF
181,400
Lot Size
20.40 acres
Year Built
1984
Rentable SF
181,400

Investment Highlights

  • Less Than One Half of One Percent Submarket Vacancy
  • Value-Add Opportunity With 2X NOI Potential Over Five Years
  • Excellent Access to All Major Roadways Serving Submarket
  • Existing Tenancy Includes Numerous Publicly Traded Companies

Investment Overview

Marcus & Millichap has been retained as the exclusive advisor to market for sale a three-property portfolio in Southern New Jersey (the “Portfolio”). The Portfolio consists of warehouse and flex buildings which constitute 181,400 square feet of improvements across 20.40 acres. The Portfolio is comprised of 206 West Parkway Drive in Egg Harbor Township in addition to 651 South Mill Road and 645 South Mill Road in Absecon (the "Properties"). 645 and 651 South Mill Road occupy adjacent parcels and are 2.09 miles away from 206 West Parkway Drive. The properties benefit from immediate proximity to every major roadway in coastal South Jersey including US-9, US-30, US-40/US-322, the Garden State Parkway, and the Atlantic City Expressway (see Local Map). Unlike Northern New Jersey, trucks and commercial vehicles are allowed on the Garden State Parkway south of Exit 105 (approximately sixty seven miles north on the Garden State Parkway from junction with Atlantic City Expressway). The entirety of the Portfolio is within a ten minute drive of the Atlantic City International Airport. In Atlantic County, the industrial market for buildings larger than 10,000 square feet has a current vacancy of less than one half of one percent, outperforming every county immediately adjacent to Philadelphia inclusive of Philadelphia County (see Regional Market Metrics). Additionally, there has been no recent new development and there is none underway that will be available for lease on the open market. At the same time, demand for industrial space has grown substantially. As a result, market rents have recently seen double digit percentage growth on an annual basis. Across the Portfolio, total gross rent trails current market potential by twenty five to thirty percent. This is largely due to the fact that the properties are encumbered by leases that commenced before the market began seeing double-digit percentage increases to rent. Also, although the Portfolio has a physical occupancy of ninety two percent, all of the suites are currently occupied. That is, some suites are not fully occupied and tenants only lease a portion of the space. As such, the Portfolio is well positioned experience dramatic NOI growth while already having a base of tenancy that includes publicly traded, investment grade tenants. Qualified investors are encouraged to reach out to the Listing Team for more information or to schedule a tour.

Exclusively Listed By

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