Brokerage firm selected to handle exclusive leasing activities for 1.56-acre site in commercial real estate category that has emerged into a $200 billion asset class
Lee & Associates of Eastern Pennsylvania has brokered the sale of a 1.56-acre parcel situated at 2337 Center Square Road in Logan Township, New Jersey and subsequently was selected by the new owner, Criterion Group, to handle exclusive leasing activities for the site classified as Industrial Outdoor Storage (IOS). Patrick Lafferty II, Principal at Lee & Associates of Eastern Pennsylvania represented the seller, Missa Bay, LLC in this $1.17 million sale at Pureland Industrial Park.
Industrial Outdoor Storage (IOS), also known as Outdoor Storage Land (OSL), has emerged as a much-requested requirement among logistics companies that need space to stage or provide short-term storage for products prior to shipping them to the next destination. The use is particularly acute in port city locations, such as this site, which is a submarket of Philadelphia. Industrial Outdoor Storage, which was recently described in an article appearing in GlobeSt.com as a $200 billion asset class, typically range between one and 20 acres and are considered mission-critical for short-term storage.
The site, which contains a small storage facility, can accommodate 30-40 tractor trailers as well as support various other storage space configurations. It is positioned less than two miles from Interstate 295, six miles from Commodore Barry Bridge, less than 10 miles from Philadelphia and 110 miles from New York City. The Port of Wilmington is 17 miles from the site and The Port of Philadelphia is 30 miles away. More than 20 million square feet of industrial space exists with a 10-minute drive
According to the GlobeSt.com article, “IOS lots are being used as storage facilities supporting e-commerce, infrastructure, construction and logistics businesses, storing everything from equipment and vehicles to stacks of containers.”
“We have already fielded strong interest among various end-users for this site because this asset is in high demand and short in supply,” explained Patrick Lafferty of Lee & Associates of Eastern Pennsylvania. “In many cases shipping containers or vehicles arrive on overseas vessels and are in need of a short-term layover situation while awaiting their next transport to a final destination. Small sites such as this typically emerge as the most viable solution.”
About Lee & Associates of Eastern Pennsylvania
Lee & Associates of Eastern Pennsylvania began operations in May 2015 under the leadership of Principals Brian Knowles, CCIM, SIOR, and John Van Buskirk, SIOR. Long recognized individually as national leaders in the industrial real estate business, they have chosen to take their over 45 years of combined real estate experience in a new direction – as broker-owners of this new initiative. Lee & Associates of Eastern Pennsylvania is committed to providing market-leading research and support while remaining grounded in exceptional client service. For the latest news from Lee & Associates of Eastern Pennsylvania, follow us on Facebook, LinkedIn, Instagram and Twitter or visit us on the web at http://www.lee-associates.com/pennsylvania
