Morristown-based Doors and Spaces Industrial (Doors and Spaces) has acquired a small-bay industrial (SBI) asset at 432 Kelley Dr. in West Berlin.
The five-unit, 16,550-square-foot multi-tenant industrial facility in Camden County is the company’s fourth New Jersey acquisition of late.
Brian Whitmer, the company’s co-founder and managing partner, led the transaction.
Its location offers immediate access to the New Jersey Turnpike and the Atlantic City Expressway and is less than half a mile from Route 73.
The property provides critical infrastructure to the immediate area’s expanding base of service-sector and distribution tenants.
The deal is part of the firm’s strategy to professionalize a historically fragmented asset class, according to a release.
BINJE reported last month that the commercial real estate landscape across Northern New Jersey and Southern New York this quarter has been undergoing a strategic “recalibration.” According to a market report by Resource Realty of Northern New Jersey (RRNNJ), the hyper-growth of previous years has evolved into a period of stabilization, with a sharp focus on asset functionality and the resilient “small-bay” industrial sector.
According to a release, Whitmer intends to apply in-house institutional-grade management, proprietary leasing technology, and construction services to this asset niche, which he characterizes as the “apartments of industry.”
Doors and Spaces’ goal is to deploy a technology-driven platform to provide high-quality, flexible environments for entrepreneurs and regional businesses.
Whitmer previously served as a Vice Chairman within Cushman & Wakefield’s Metropolitan Area Capital Markets Group. He was on a team that executed over $12.5 billion in total transactional volume during his nearly 20-year tenure at the global firm.
