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Warehouse

206 W Parkway Dr

206 W Parkway Dr, Egg Harbor Township, NJ 08234

Listing Price: $8,000,000

Cap Rate
5.26%
Gross SF
90,000
Price/Gross SF
$88.89
Lot Size
7.30 acres
Year Built
1984
Rentable SF
90,000

Investment Overview

Marcus & Millichap has been retained as the exclusive advisor to market for sale 206 West Parkway Drive in Egg Harbor Township, NJ (the “Property”). The Property consists of 90,000 square feet of warehouse on 7.3 acres . The Property benefits 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 Property is approximately five minutes from 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. At the property, total gross rent trails current market potential by roughly fifteen percent. 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 Property 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 Below Market Rents in 100% of Suites
  • Excellent Access to All Major Roadways Serving Submarket
  • 64.2% of Building Leased to National, Publicly Traded, and/or Investment-Grade Tenants

Exclusively Listed By

Financing By

Listing Price: $8,000,000

Cap Rate
5.26%
Gross SF
90,000
Price/Gross SF
$88.89
Lot Size
7.30 acres
Year Built
1984
Rentable SF
90,000

Investment Highlights

  • Less Than One Half of One Percent Submarket Vacancy
  • Value-Add Opportunity With Below Market Rents in 100% of Suites
  • Excellent Access to All Major Roadways Serving Submarket
  • 64.2% of Building Leased to National, Publicly Traded, and/or Investment-Grade Tenants

Investment Overview

Marcus & Millichap has been retained as the exclusive advisor to market for sale 206 West Parkway Drive in Egg Harbor Township, NJ (the “Property”). The Property consists of 90,000 square feet of warehouse on 7.3 acres . The Property benefits 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 Property is approximately five minutes from 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. At the property, total gross rent trails current market potential by roughly fifteen percent. 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 Property 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

Financing By

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