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.
