3254 North Mill Road in Vineland — Courtesy: CBRE
By Joshua Burd
A private equity firm has expanded its industrial portfolio in the state with the purchase of a fully leased, 269,500-square-foot property in Vineland, according to brokers with CBRE.
The Massachusetts-based buyer, High Street Logistics Properties, paid $21.95 million for the regional distribution center at 3254 North Mill Road. CBRE represented the seller, Vineland Construction, touting the building’s accessibility from major highways including Route 55, the New Jersey Turnpike and Interstate 295.
“This property offers superior regional access from Baltimore to Boston and direct access to the Philadelphia and southern New Jersey MSAs,” CBRE’s Michael Hines said. “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.”
Hines led the marketing effort alongside Brian Fiumara, Brad Ruppel and Lauren Dawicki. They noted that the property features 32- to 34-foot ceiling heights, 16 loading docks, four drive-in bays and parking for 222 cars and 16 trailers.
Fully leased to Burberry Wholesale Limited and Stellar Distributing, 3254 North Mill Road is about a mile from Route 55 and some 40 minutes to downtown Philadelphia, CBRE said. The brokerage team added that NFI Solar II leases a portion of the roof for solar energy conversion, collection and transmission of electric power, generating an additional income of more than $5,000 per month.