A distribution center in Vineland has sold for just shy of $22 million, according to real estate firm CBRE.
The 269,500-square-foot property at 3254 N. Mill Road was sold by Vineland-based Vineland Construction to private equity firm High Street Logistics Properties for $21.95 million, the firm said in a news release. The property is fully leased to Burberry Wholesale Ltd., which has 235,739 square feet, and Stellar Distributing, which has 33,761 square feet.
A CBRE National Partners team of Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki led the marketing and represented the seller in the transaction.
“This property offers superior regional access from Baltimore to Boston, and direct access to the Philadelphia and southern New Jersey (metropolitan statistical areas),” Hines said in a prepared statement. “Leased to high-quality tenants at below-market rates with average remaining terms of less than three years, the property offers significant upside potential for the new owners.”
A portion of the roof is also leased to NFI Solar II for energy purposes, CBRE noted.