Fully Leased 269,500 Sq. Ft. Regional Distribution Center Sold for $22 Million
CBRE announced today the $21.95 million sale of 3254 N. Mill Road in Vineland, New Jersey—a fully leased 269,500 sq. ft. regional distribution center located in an established, densely concentrated industrial park in Southern New Jersey’s Cumberland County.
The CBRE National Partners’ team comprised of Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawickiled the marketing efforts and represented the seller, Vineland Construction, in the transaction. The buyer was High Street Logistics Properties, a Massachusetts-based private equity firm.
“This property offers superior regional access from Baltimore to Boston and direct access to the Philadelphia and Southern New Jersey MSAs,” said Mr. Hines. “Leased to high quality tenantsat below market rates with average remaining termsof less than three years, the property offers significant upside potential for the new owners.”
Located approximately one mile from exit 27 off Route 55, the property offers easy access to the New Jersey Turnpike, I-295 and all major East Coast highways and is only 40 minutes to downtown Philadelphia. The distribution center is well suited to fulfill both local Southern New Jersey and greater regional distribution requirements, featuring 32 to 34-foot ceilings, 16 loading docks, four drive-in bays, and parking for 222 cars and 16 trailers.
3254 N. Mill Road is fully leased to Burberry Wholesale Limited (235,739 sq. ft.) and Stellar Distributing (33,761 sq. ft.). Additionally, NFI Solar II leases a portion of the roof called the Solar Facilities,used for solar energy conversion, collection and transmission of electric power, generating an additional income of more than $5,000 per month.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, 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.
