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Clayton-based commercial real estate firm Sansone Group has acquired 85 acres in a prominent East Coast corridor.
Sansone Group partnered with a Brookfield Asset Management-backed fund to close the off-market deal in New Jersey Turnpike Exit 8A real estate district, a “highly competitive” area with an occupancy rate of 98%, said Principal Doug Sansone.
The organizations plan to build 1.3 million-square-foot speculative distribution center, which is slated to open in 2022 after a year of construction. Neither an acquisition price nor an investment cost of the project was disclosed.
Sansone Group is targeting e-commerce companies as tenants for the facility. Due to demand from Covid-19, e-commerce shopping grew 32% in the second quarter over the first quarter of 2020 to $211.5 billion, according to the latest statistics from the U.S. Census Bureau.
“The market is very hot in terms of industrial development,” Sansone said. “The whole supply chain has changed. We don’t see e-commerce slowing down.”
It’s the latest out-of-town industrial deal for Sansone Group, which is targeting $1 billion in industrial development. Earlier this year, the firm announced its purchase of 25 acres in the Salt Lake City market.
Sansone said his company will hire a broker familiar with the New Jersey and East Coast markets to lease the site.
