The Delaware River and Bay Authority completed the sale of the Salem Business Centre on Route 48 off Interstate 295 in Carney’s Point Township, NJ to D2 Collins, LLC of Philadelphia.
The authority operates the nearby Delaware Memorial Bridge.
The commercial real estate transaction involved a total of about 45.5 acres – including an 80,000 square foot office building – closed on December in late December. The purchase price was $15,625,000.
According to Stephen D. Williams, deputy executive director for the DRBA, the authority, in its economic development role, was involved in the early development of the tract. The DRBA has been active in southern New Jersey economic development projects and in the operation of an airport in Cape May that contains business properties.
. “The authority invested its resources in this project to spur development and its associated job growth for area residents,” Williams said. “The timing and conditions are right for the private sector to take over and move it forward. It’s always been the agency’s intention to make this transition at some point, and D2 is an established real estate development firm. We’re confident that the Salem Business Centre will reach its full potential.”
“The D2 Organization remains very grateful for having had the opportunity to work with the Delaware River Bay Authority in further developing this excellent location,” remarked Daniel McGreevy, executive vice president of the D2 Organization. “Now that we have successfully closed this real estate transaction, the D2 team is actively working to bring quality tenants and new jobs to Carney’s Point Township.”
D2 plans to develop three class-A warehouse buildings totaling 586,000 square feet. Since 2019 D2 has been engaged in 2,750,000 square feet of industrial development projects in Salem County, NJ alone.
D2 is also involved in development in northern Delaware. It did preliminary development of the First State Logistics Park near Newark and later sold the property. D2 is also developing a tract in Claymont.
History of the Salem property
In early 1998, the DRBA acquired land and began the process to develop the 71-acre site.
Within two years, Conectiv, a utility company formed from the merger of Delmarva Power and Light and Atlantic Energy, became the Salem Business Centre’s first tenant, with the company constructing a 120,000 square foot office building on a parcel adjacent to I-295.
In 2002, the authority sold this 10.3-acre site to the utility parent company for $1.14 million, and the agency began construction of an 80,000 square foot office building at 1 Collins Drive.
The two-story building located at 1 Collins Drive can be adapted to the needs of a single tenant or multiple users. The office building currently has two tenants – U.S. Renal Care and Lassonde Pappas – that occupy approximately 80% of the structure. With the completion of the DRBA will no longer have an ownership presence.
In late 2009, Verizon Wireless purchased an 11.7-acre parcel of land (Block 192, Lot 3.03 on the Carney’s Point Township Tax Map) at the Salem Business Centre for $1.17 million.
The DRBA, a bi-state governmental agency created by Compact in 1962, owns and operates the Delaware Memorial Bridge, the Cape May- Lewes Ferry, and the Forts Ferry Crossing. The DRBA also manages corporate and aviation properties through its economic development powers – two airports in New Jersey (Millville Airport and Cape May Airport) and three in Delaware (New Castle (Wilmington ILG) Airport, Civil Air Terminal and Delaware Airpark).
All DRBA operating revenues are generated through the bridge, ferry and airport facilities.
