A joint venture between The Praedium Group and the Delta Group bought the 497,414-square-foot Pureland Industrial property in Bridgeport, N.J.
The value of the transaction was $20.3 million.
The property, which was 60 percent occupied at the time of sale, comprises two warehouse/distribution facilities. One building, which was built in 1992, consists of 299,520 square feet and was 100 percent leased to Home Depot at the time of sale. The company utilizes the space as its main lumber distribution hub for the Mid-Atlantic region. The second building, built in 1983 and expanded in 1988, consists of 197,894 square feet and was unoccupied at the time of sale.
Bob Yoshimura of the Philadelphia-based Flynn Co. represented the seller, whose identity was not disclosed.
New York City-based The Delta Group LLC is a private real estate equity company.
New York City-based The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America.
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