March 2022 Sale

52 Locke

Swedesboro, NJ

BACKGROUND

  • TOG acquired 52 Locke in 2020 from an owner-user for $11.65mm and sold the property in 2022 to an institutional investment manager for $26.5mm.

  • Value Creation: TOG executed a short-term leaseback with the owner-user, meanwhile investing in capital expenditure on roof upgrades, environmental remediation, new dock doors, levelers, paint, and MEP upgrades.

  • TOG secured a new 7-year lease from a regional distribution tenant to occupy the entire building and sold the property as an investment sale.

  • IRR +5-%
  • Equity Multiple 2.8x
  • Hold Period 1.25 Years