D2 Organization Buys 45 Acres in South Jersey

January 9, 2023

D2 Organization

An affiliate of D2 Organization has bought three vacant parcels and an office building in South Jersey, with plans to develop a trio of new warehouse buildings totaling 586,000 square feet.

The four properties take up 45 acres part of the Salem Commerce Park at 1, 3, 4 and 7 Collins Drive in Carneys Point, about 4 miles north of the Delaware Memorial Bridge. The three vacant parcels are 35 acres and the 78,000-square-foot office building is on 10 acres.

D2 bought the properties from Delaware River and Bay Authority. Jack Cortese, a vice president at D2 Capital Advisors, declined to say how much the company paid for the properties. Miami-based BridgeInvest provided $16.1 million in financing to cover acquisition and pre-development costs. Cortese estimates development costs of between $110 and $120 per square foot, meaning the project will run between $64 million and $70 million.

 Nearby, D2 is in the final stages of buying property on the north side of I-295 along Golfwood Avenue. The property is empty and approvals are already in place for D2 and a joint venture partner to build a 587,500-square-foot warehouse. Combined with the Salem Commerce Park development, the new buildings would add 1.17 million square feet of new warehouse space in South Jersey. 

*Article courtesy of Philadelphia Business Journal

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