Cushman & Wakefield has arranged the sale of the Moorestown Distribution Center, a 272,682 s/f industrial asset located at 14 Sbar Boulevard, 10 miles from Center City Philadelphia. The final sale price was $23,250,000.
A Cushman & Wakefield team of Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema, with assistance from local leasing specialists John Gartland and Jonas Skovdal, represented the seller, the Piperno Family, owner of craft wholesaler Sbar’s. NorthBridge Partners acquired the asset.
“This sale marks a significant milestone after more than 30 years of business in Moorestown,” said Anthony Piperno. “We are excited to see the use of the building continue to support the economic development of the town and the local region.”
Originally built as the headquarters for Sbar’s Inc. in 1990 with a 102,305 s/f expansion in 1997, the property features 34 dock doors, 189 car parking spaces and clear heights of 35.8 and 20.8 ft.
The Moorestown Distribution Center is situated on 15 acres along the Southern New Jersey Interstate 295/Turnpike Corridor in Burlington County. The property serves the Philadelphia MSA, providing immediate access to Center City Philadelphia and the 5.6 million consumers within a 60-minute drive.
“This sale highlights the unabated investor demand for Southern New Jersey industrial product. We received over a dozen offers for the property, ultimately leading to record pricing and a favorable outcome for the Piperno family,” added Gabriel.
The Burlington County industrial market continues to see strong investment and user demand. In 2020 alone, Burlington County had 4.35 million square feet of new leasing activity. Additionally, the Philadelphia MSA as a whole saw 13.3 million square feet of leasing activity in 2020, which is 125.2% greater than the total in 2019.