{"id":1004658647,"date":"2023-04-24T05:20:31","date_gmt":"2023-04-24T13:20:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004658647"},"modified":"2023-04-24T05:20:33","modified_gmt":"2023-04-24T13:20:33","slug":"portman-d2-break-ground-on-philadelphia-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/portman-d2-break-ground-on-philadelphia-project\/","title":{"rendered":"Portman, D2 Break Ground on Philadelphia Project"},"content":{"rendered":"
\"Site<\/a>

Site Plan. Image courtesy of D2 Organization<\/em><\/p><\/div>\n

Portman Industrial<\/strong>, in a joint venture with D2 Organization<\/strong>, has broken ground on a 587,500-square-foot warehouse in Carney\u2019s Point, N.J. Portman is handling construction and leasing efforts and plans to deliver the building in the first quarter of 2024. D2 Organization assembled the site from previous owners and secured development entitlements.<\/p>\n

The partnership acquired the 49-acre site in January for $7.6 million, according to Salem County records. Georgia Bank Co.<\/strong> provided a $13.8 million acquisition loan. The site includes four parcels, encompassing 31, 13, 4 and 1 acres.<\/p>\n

\n

READ ALSO:<\/strong> Will CRE Construction Hold Steady in 2023?<\/a><\/p>\n

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The development will be situated along South Golfwood Avenue\u201414 miles from Wilmington, Del., and 31 miles from Philadelphia. The project will be constructed off Exit 4 of the Interstate 295 and Highway 48 interchange. Companies in the surrounding area include Walmart, Amazon, Goya Foods and Five Below Warehouse & Distribution Center.<\/p>\n

Expanding Southern New Jersey’s footprint<\/h2>\n

In January, D2 Organization announced plans for three Class A buildings<\/a>, totaling 586,000 square feet, called Salem Commerce Park. BridgeInvest provided $16.1 million in acquisition and predevelopment financing. In total, D2 Organization will expand Southern New Jersey\u2019s industrial footprint by roughly 1.2 million square feet.<\/p>\n

Salem County had an industrial inventory of 6.7 million square feet as of March, according to a CBRE<\/strong> report on the Philadelphia market. The county’s vacancy rate stood at 1.4 percent\u2014300 basis points lower than the Philadelphia area. More than 2.1 million square feet of new space was under construction in the county.<\/p>\n","protected":false},"excerpt":{"rendered":"

The warehouse will encompass 587,500 square feet, slated for delivery next year.<\/p>\n","protected":false},"author":2829,"featured_media":1004658648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,21742,10,1494],"tags":[32789,51846,33858],"class_list":["post-1004658647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-latest","category-northeast","category-philadelphia","tag-cbre","tag-d2-organization","tag-portman-holdings-llc"],"acf":[],"yoast_head":"\nPortman, D2 Break Ground on Philadelphia Project - CPE<\/title>\n<meta name=\"description\" content=\"The developer acquired the site in January and, together with another project, plans to add 1.2 million square feet of industrial space.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/portman-d2-break-ground-on-philadelphia-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portman, D2 Break Ground on Philadelphia Project\" \/>\n<meta property=\"og:description\" content=\"The developer acquired the site in January and, together with another project, plans to add 1.2 million square feet of industrial space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/portman-d2-break-ground-on-philadelphia-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-24T13:20:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-24T13:20:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/D2_Organization__Site_Plan-e1682317253316.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"501\" \/>\n\t<meta property=\"og:image:height\" content=\"376\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/portman-d2-break-ground-on-philadelphia-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/portman-d2-break-ground-on-philadelphia-project\/\",\"name\":\"Portman, D2 Break Ground on Philadelphia Project - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/portman-d2-break-ground-on-philadelphia-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/portman-d2-break-ground-on-philadelphia-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/D2_Organization__Site_Plan-e1682317253316.jpg\",\"datePublished\":\"2023-04-24T13:20:31+00:00\",\"dateModified\":\"2023-04-24T13:20:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a\"},\"description\":\"The developer acquired the site in January and, together with another project, plans to add 1.2 million square feet of industrial space.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/portman-d2-break-ground-on-philadelphia-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/portman-d2-break-ground-on-philadelphia-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/portman-d2-break-ground-on-philadelphia-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/D2_Organization__Site_Plan-e1682317253316.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/D2_Organization__Site_Plan-e1682317253316.jpg\",\"width\":501,\"height\":376,\"caption\":\"Site Plan. 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