14 Sbar Blvd. in Moorestown — Courtesy: Cushman & Wakefield
By Joshua Burd
The longtime owner of a Burlington County industrial building has sold the property for more than $23 million, under a newly announced transaction by Cushman & Wakefield.
The brokerage team represented the Piperno family in its disposition of 14 Sbar Blvd. in Moorestown, a 272,682-square-foot distribution center some 10 miles from Center City Philadelphia. NorthBridge Partners paid $23.25 million to purchase the asset, which was built in 1990 as the headquarters for Sbar’s Inc. and expanded in 1997 by 102,305 square feet.
The C&W team included Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema, with assistance from local leasing specialists John Gartland and Jonas Skovdal.
“This sale marks a significant milestone after more than 30 years of business in Moorestown,” Anthony Piperno said. “We are excited to see the use of the building continue to support the economic development of the town and the local region.”
C&W announced the deal Friday, noting that the so-called Moorestown Distribution Center features 34 dock doors, 189 car parking spaces and clear ceiling heights of nearly 36 feet and 21 feet. The property sits on 15 acres near highways including routes 73 and 130, Interstate 295 and the New Jersey Turnpike.
“This sale highlights the unabated investor demand for southern New Jersey industrial product,” Gabriel said. “We received over a dozen offers for the property, ultimately leading to record pricing and a favorable outcome for the Piperno family.”