Industrial Investments Purchases 21 Building Industrial Portfolio in West Berlin, New Jersey

West Berlin, NJ – Industrial Investments, Inc. of Blue Bell, PA, announced today that an affiliate has recently purchased a 21 building portfolio of multi-tenant warehouse/flex buildings in West Berlin, NJ. The portfolio comprises 16 buildings within the Bloomfield Business Park, as well as five buildings in the Commerce Lane Business Park for a total of 241,410 square feet.

The Bloomfield Business Park was originally developed as a joint venture between Thomas Merryfield and The Bloom Organization, the eventual seller, in the late 1980’s and early 1990’s. Each building is 10,500 square feet with five entrances, five gas and electrical services, and units starting from 2,100 square feet. The early stage buildings were built with drive-in loading only, while the later stage buildings were built on larger lots that allowed for five tailgate loading doors in the back, and drive-in doors on the end units.

The Bloomfield Business park also contains two open parcels with significant frontage on New jersey Highway Route 73. Each parcel can be further developed for office, retail or industrial space of up to 25,000 square feet.

The five warehouse/flex buildings purchased in the Commerce Lane Business Park are 73,410 square feet in total, with drive-in loading or tailgate loading doors in the rear, separate gas and electric services, and units starting from 1,800 square feet.

“We are delighted to expand our footprint in the South Jersey Industrial Market with the acquisition of the West Berlin portfolio of master-planned, well-manicured, multi-tenant industrial buildings. The Bloom Organization has done an excellent job in the design, construction and management of this portfolio, and we are pleased to have had the opportunity to purchase such an accessible and well-located asset. We are especially grateful to Marc and Ian for bringing this asset to our attention, and to the Bloom Organization throughout the process. We are pleased to be able to continue the tradition of family-ownership and operation that the Bloom Organization started at this property, and we look forward to the role that this asset will play within our South Jersey portfolio.

Michael T. Bown, Sr., Partner of Industrial Investments, Inc., represented Industrial Investments, Inc. in the transaction.

Marc Isdaner, Senior Managing Director, and Ian Richman, Senior Managing Director, Colliers International, represented the seller in the transaction.