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Deals & Dealmakers

Cannabis co. buys 50,000 s/f industrial building in Jersey

1560 NW Boulevard in Vineland, NJ

Columbia Care, a medical cannabis dispensary licensed to operate in New York, has purchased a 50,274-s/f industrial building located at 1560 NW Boulevard in Vineland, NJ.

The seller was LS Capital, who was represented by NAI Mertz’s Jonathan Klear, senior vice president, and Fred Meyer, SIOR, executive vice president, director of brokerage & corporate services.

Columbia Care offers cannabis-based health and wellness solutions and works to leverage data and research to fuel innovation and improve access to cannabis and plant-based solutions. The company has over 25 locations throughout the U.S and Puerto Rico. This is Columbia Care’s first location in the state of New Jersey, and represents one of six New Jersey cultivation licenses issued in 2018.

“The culmination of the sale of this vacant industrial building, at an aggressive price, was an important real estate transaction for our client, which took over a year to complete,” stated Klear. “We are glad to have worked with LS Capital to find the right buyer for this property,” he added.

Situated on more than two acres, 1560 NW Boulevard features 47,525 s/f of warehouse space with two drive-in doors, four platform loading docks, 15’ to 27’ clear ceiling heights, and 32’ x 19’ column spacing. The 2,749-s/f two-story office space includes seven private offices and four restrooms. The property is in close proximity to major highways including Routes 47 and 55, and is approximately 35 minutes to the Atlantic City Expressway.

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