D2 Organization Sells 700,000 Square Foot Logistics Park Development Site in Carneys Point, NJ to EQT Real Estate
PHILADELPHIA, April 23, 2025 /PRNewswire/ -- D2 Collins LLC (D2), an affiliate of the D2 Organization, announces the sale of its 707,400 square foot logistics park development site in Carneys Point, NJ, to EQT Real Estate, a leading investor in industrial and logistics properties. This transaction underscores D2's commitment to unlocking value through strategic land investments while providing EQT Real Estate with a prime development opportunity in a market poised for growth.
"We are very excited to partner with Carneys Point Township again for another successful project. We would like to thank all of our valued partners that helped us with this transaction, specifically: Carneys Point Township, D2 Organization, Marathon Engineering, Archer & Greiner, and CBRE," said Tom Allman, Managing Director, Construction & Development at US Industrial EQT Real Estate.
The 48-acre site purchased by EQT Real Estate will be home to a Class-A modern logistics park, which will include a 178,500 square foot building (Building A), a 254,500 square foot building (Building B), and a 274,400 square foot building (Building C) all with ample car and trailer parking.
The site is located at 1, 3, 4, and 7 Collins Drive within the Salem Commerce Park. The site comprises an assemblage of parcels, three vacant parcels at 3, 4, and 7 Collins Drive total 35 acres, and a 10-acre parcel at 1 Collins Drive that includes a now-vacant 78,000-square-foot office building. In December 2022, D2 acquired the Collins Drive properties from the Delaware River & Bay Authority and, at that time, also secured an adjacent 3-acre residential outparcel, bringing the total developable acreage to 48 acres.
Initially, D2 fully entitled the vacant land for three Class A warehouse buildings totaling 586,000 square feet. Following the acquisition, D2 collaborated with local officials to secure approvals to expand the buildable area to 707,400 square feet by enlarging Building C's footprint – a change made possible by the planned demolition of the vacant office building at 1 Collins Drive. The site also benefits from an approved PILOT agreement with the Township, ensuring reduced tax obligations and operating costs for the planned buildings.
"This sale is a testament to our conviction in this sub-market and our team's ability to execute our business plan in an increasingly challenging market to obtain entitlements," said Keith Delaney, CEO of D2 Organization.
Strategically located, Salem Commerce Park sits immediately off Exit 4 at the Interstate 295 and Highway 48 interchange in Carneys Point, NJ. It is just 3 miles from the Interstate 295 and New Jersey Turnpike interchange and 4 miles from the Delaware Memorial Bridge, making it a prime logistics hub for both local Philadelphia MSA operations and regional distribution. The site is within 30 minutes of the growing markets of Philadelphia, Southern New Jersey, and Northern Delaware, and for companies requiring access to New York City, Baltimore, and Washington, D.C., it is just a two-hour drive away. Proximity to the Port of Wilmington, Penn Terminals, PHL International Airport, and Packer Marine Terminals further enhances its appeal. Bulk distribution and cold storage occupiers – including McLane, Amazon, Goya, US Foods, and Rivian – are located within minutes of the site.
Since 2019 D2 has successfully entitled over 3,000,000 square feet of industrial development projects in Salem County, NJ alone. During that time Salem County rents for Class-A industrial space have more than doubled from approximately $5 per square foot to more than $12 per square foot.
CBRE's National Partners team led by Brian Fiumara represented D2 in the transaction. The Southern NJ/Eastern PA MSA has become the 2nd largest big-box region in North America with over 500 million square feet of total inventory.
About D2 Organization
D2 Organization is a privately owned opportunistic investment group focused on acquiring and repositioning land for new development. Investments include raw land, brownfields, and excess or obsolete industrial facilities. Our mission is to transform overlooked properties into developable assets that spur economic activity and enhance the quality of life for their surrounding communities. D2 has acquired and entitled well over 1,000 acres of land that has sold for over $200 million to institutional investors.
More info: www.d2organization.com
About EQT Real Estate
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT supports its global portfolio companies and assets in achieving sustainable growth, operational excellence, and market leadership. Within EQT's Real Assets segment, EQT Real Estate acquires, develops, leases, and manages logistics and residential properties in the Americas, Europe, and Asia. EQT Real Estate owns and operates over 2,000 properties and 400 million square feet, with over 440 experienced professionals across 50 locations globally. More info: www.eqtgroup.com
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SOURCE D2 Organization