CBRE announced today the $21.95 million sale of 3254 N. Mill Road in Vineland, New Jersey, a fully leased 269,500 s/f regional distribution center located in Cumberland County.
The CBRE National Partners’ team comprised of Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki led 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 Hines. “Leased to high quality tenants at below market rates with average remaining terms of 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 o0 minutes to downtown Philadelphia. The property has 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 s/f and Stellar Distributing (33,761 s/f).
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.