Moorestown Distribution Center sells for $23.25M

An industrial building in Moorestown has sold for $23.25 million, according to real estate firm Cushman & Wakefield.

The Moorestown Distribution Center, a 272,682-square-foot property located at 14 Sbar Blvd., is just 10 miles from Center City Philadelphia, the firm noted.

The team of Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema, with assistance from John Gartland and Jonas Skovdal, represented the seller, the Piperno family, in the sale to NorthBridge Partners.

“This sale highlights the unabated investor demand for southern New Jersey industrial product,” Gabriel said in a prepared statement. “We received over a dozen offers for the property, ultimately leading to record pricing and a favorable outcome for the Piperno family.”

The building was built as the headquarters for Sbar’s Inc. in 1990, and grew with a 102,305-square-foot expansion in 1997.