CBRE inks sale of 432,000 sq. ft. industrial facility in South Jersey

CBRE announced on Tuesday it has arranged the $23.3 million sale of a industrial facility in Vineland to Boston-based private equity firm High Street Logistics Properties.

The 432,000-square-foot warehouse property is located at 3100 N. Mill Road within the Vineland Industrial Park, which is comprised of 43 buildings totaling more than 2.7 million square feet.

The CBRE National Partners’ team of Michael Hines, Brad Ruppel, Brian Fiumara, Lauren Dawicki, Ken Zirk, Robert Zwengler, Dan McGovern, Paul Touhey and Andrew Green marketed the portfolio and negotiated the sale on behalf of Vineland Construction.

“Although Vineland is a relatively small industrial market, it continues to be a strong submarket with minimal availabilities, great labor, low direct vacancy, good build-to-suit activity and Class A rents north of $5 per-square-foot,” Hines said.

The property, which was built in 1989 and is 100% occupied by Ardagh Glass Inc., offers 28- to 34.5-foot ceilings, cross-docked configuration, 40- by 50-foot column spacing, 24 dock doors, 18 trailer parking spots and 45 car parking spots. It’s also located within close access to Route 55.