Albert Organics Distribution Center Sells for $11.8M
Gramercy Capital Buys LogisiCenter at Logan
July 12, 2013
Dermody Properties and Stonemount Financial Group sold the fully leased 70,000-square-foot distribution facility located at 1155 Commerce Blvd. in Logan Township, N.J., to Gramercy Capital Corp. for $11.8 million, or approximately $170 per square foot.
Dermody Properties began construction on the 70,000-square-foot facility in the fourth quarter of 2012 and completed the new facility in April of 2013. Building amenities include refrigerated storage, 15 loading docks and 1 drive-in door.
Albert's Organics, a distributor of organically grown fresh produce, occupies the distribution center. For additional information, please see CoStar COMPS # 2779667.