D2 Collins, LLC, an affiliate of the D2 Organization, announces the acquisition of 1, 3, 4, and 7 Collins Drive at Salem Commerce Park in Carneys Point, NJ.
The assemblage is located at what was formerly known as the Salem Business Center and includes three vacant parcels totaling 35-acres (3, 4, and 7 Collins Drive) and one 10-acre parcel that includes a 78,000 square foot office building (1 Collins Drive). D2 purchased the Collins Drive properties from the Delaware River & Bay Authority. American Dream Realty represented D2 in the transaction.
D2 also purchased an adjacent 3-acre residential outparcel bringing the total developable acreage to 48-acres.
Prior to closing, D2 fully entitled the vacant land for three class-A warehouse buildings which will total 586,000 square feet upon completion with ample car and trailer parking.
Miami-based BridgeInvest provided $16,100,000 in financing towards acquisition and pre-development costs. The debt was arranged through D2’s affiliated capital advisory group, D2 Capital Advisors.
Salem Commerce Park is located immediately off Exit 4 at the Interstate 295 and Highway 48 interchange in Carneys Point, NJ. It is just 3-miles from the Interstate 295 and the New Jersey Turnpike interchange and 4-miles from the Delaware Memorial Bridge making it a prime logistics location to fulfill both local Philadelphia MSA operations and greater regional distribution. The site is within 30 minutes of the burgeoning Philadelphia, Southern NJ, and Northern DE markets. For companies that require access to New York City, Baltimore, and Washington D.C. the site is within a short 2-hour drive.
Since 2019 D2 has successfully entitled over 2,750,000 square feet of industrial development projects in Salem County, NJ alone. During that time Salem County rents for Class-A industrial space have more than doubled from approximately $5 per square foot to more than $11 per square foot.
The Southern NJ/Eastern PA MSA has become the 2nd largest big-box region in North America with approximately 500 million square feet of total inventory. Tenant demand remains strong with an overall vacancy rate of less than 2% in New Jersey.
D2 Organization is a privately owned opportunistic investment group focused on acquiring and repositioning land for new development. Investments include raw land, brownfields, and excess or obsolete industrial facilities. Our mission is to transform overlooked properties into developable assets that spur economic activity and enhance the quality of life for their surrounding communities.
D2 Capital Advisors is the transaction advisory affiliate of the D2 Organization.
For more information, please visit www.d2organization.com
