January 13, 2017 [Mount Laurel, NJ] – Colliers International represented a private owner for the $25.15 million sale of a 195,280-square-foot in building in Fairfield, Ohio, and a 197,500-square-foot facility in Swedesboro, New Jersey, to New York-Based Gramercy Property Trust. The buildings are leased to Heritage Bag Company, a leading manufacturer of plastic bags and liners sold to institutional and commercial customers, for fourteen years with absolute net lease structures.
The Colliers International East Region Investment Group team included Dennis Mitchell and Matt Wirth in Atlanta, Steve Timmel and John Gartner in Ohio, and Marc Isdaner in New Jersey.
“Our client and Gramercy worked together efficiently to execute a seamless transaction before the end of the year,” said Colliers International Senior Vice President Dennis Mitchell. The two assets included were originally part of a three asset portfolio which included a building in Southern California’s Inland Empire market. The Inland Empire asset sold in a separate transaction.