Philadelphia-based development firm D2 Collins LLC has purchased nearly 48 acres of land in Carneys Point, previously known as the Salem Business Center, from the Delaware River and Bay Authority for $15.63 million. The land will be converted into three warehouse buildings with car and trailer parking totaling 586,000 square feet. The acquisition includes four vacant land lots, an office building, and an adjacent residential lot. The development is expected to generate quality tenants and job opportunities for Carneys Point Township and the surrounding areas.
D2 Collins LLC has been actively developing industrial properties in Salem County since 2019, with over 2.75 million square feet completed thus far. The acquisition is a key addition to the company’s expanding portfolio in the region. The sale marks the end of the Delaware River and Bay Authority’s ownership presence at the former business center, and Deputy Executive Director Stephen Williams expressed confidence in D2 Collins LLC’s ability to move the project forward.
The Southern New Jersey-Eastern Pennsylvania region has been identified by the Colliers’ 2022 Big-Box Outlook Report as a top market for big-box warehouses, with the most demand for new leasing activity in 2022 ahead of major cities like Chicago, Dallas-Fort Worth, and Atlanta. The investment management company attributed the region’s strength to its location, labor force, and available land for development. The Salem Commerce Park is expected to further strengthen the region’s position and drive economic growth.
Full story: 3 warehouses planned for former South Jersey business center property (https://www.nj.com/news/2023/01/3-warehouses-planned-for-former-south-jersey-business-center-property.html)
