A European industrial heavyweight has upped its presence on the East Coast with the purchase of a sizable warehouse complex in South Jersey.
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EQT Real Estate bought the Forest Park Corporate Center overlooking I-295 in West Deptford, a nine-building property that totals roughly 2M SF.
The property sold for $309M, the Philadelphia Business Journal reported, citing CoStar research. PBJ also reported the largest tenant in the complex is Amazon.
New York Life Investment Management sold the property. A CBRE team including Brian Fiumara, Brad Ruppel, Mike Hines and Joe Hill represented New York Life.
EQT plans exterior renovations it said will strengthen the property's position in a submarket with high demand from the e-commerce sector.
“This portfolio offers scale, location and flexibility in one of the most resilient industrial corridors in the United States,” EQT Global Chief Investment Officer Matthew Brodnik said in a press release.
“We see clear potential to enhance the park through active leasing, targeted redevelopment and thoughtful capital improvements.”
The property includes a mix of light industrial and midbulk warehouse with flexible suite sizes, 134 dock doors and clear heights ranging from 22 feet to 34 feet.
Its other occupants include logistics operators such as NFI Industries, healthcare-centric Owens & Minor and John S. Connor Global Logistics. Computer consultant CompuCom and hydraulic equipment supplier HPS Seals also have a presence at the park.
EQT has sold industrial assets in other parts of the U.S. in recent months. That includes a Los Angeles County warehouse that went for $51.5M in December and the November disposition of an 8.7M SF portfolio with 25 properties across 13 markets including Atlanta, Chicago, New York, Phoenix and Texas.
Those sales came after EQT CEO Per Franzen last October announced plans to invest more than $250B in the U.S. over the course of five years, which he characterized as “an increase compared to how much we’ve invested in this part of the world historically.”
UPDATE, MARCH 23, 3:30 P.M. ET: This story has been updated with additional details on the deal.
