CBRE has arranged the sale of a 432,000 s/f 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.
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.