CBRE today announced that it has arranged the sale of a 432,000 sq. ft. industrial facility located at 3100 N. Mill Road in Vineland, New Jersey. High Street Logistics Properties acquired the property for $23.2 million.
The CBRE National Partners’ team of Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki marketed the portfolio and negotiated the terms of the sale on behalf of Vineland Construction.The team was assisted by CBRE local market advisors Ken Zirk, Robert Zwengler, Dan McGovern, Paul Touhey and Andrew Green.
“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 sq. ft.,” said Hines of CBRE.
Built in 1989 and expanded in 1997, the warehouse is currently 100 percent occupied by Ardagh Glass, Inc., a global leader in sustainable packing solutions. Clients include many prominent companies such as Coca-Cola, Heineken, Nestlé and Bacardi, among others. Earlier this year, Ardagh Glass committed to a 10-year lease extension through early 2030.
3100 N. Mill Road boasts 28’- 34’5” clear height ceilings, cross-docked configuration,40’ x 50’ column spacing, 24 dock doors, 18 trailer parking spots, 54 car parking spaces and 110’ – 120’ truck court depth.
The warehouse is part of Vineland Industrial Park, which is comprised of 43 buildings totaling over 2.7 million sq. ft. of industrial product. The industrial park is located directly off Route 55 in Southern New Jersey.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.