1560 Northwest Blvd. in Vineland — Courtesy: NAI Mertz
By Joshua Burd
A medical marijuana company has acquired more than 50,000 square feet of industrial space in Vineland, brokers with NAI Mertz said, marking the operator’s first location in New Jersey.
The real estate services firm announced that it represented LS Capital in its sale of 1560 Northwest Blvd., which spans 50,274 square feet, to Columbia Care. The buyer, which is based in New York, holds one of six New Jersey cultivation licenses issued in 2018 under the state’s medical marijuana program, allowing it to grow, manufacture and dispense medical cannabis products.
NAI Mertz Senior Vice President Jonathan Klear and Fred Meyer, executive vice president and director of brokerage and corporate services, completed the assignment for the Mount Laurel-based firm.
“The culmination of the sale of this vacant industrial building, at an aggressive price, was an important real estate transaction for our client, which took over a year to complete,” Klear said. “We are glad to have worked with LS Capital to find the right buyer for this property.”
Columbia Care, which describes its products as cannabis-based health and wellness solutions for patients, has more than 25 locations throughout the U.S. Its new location features 47,525 square feet of warehouse space with two drive-in doors, four platform loading docks, 15- to 27-foot clear ceiling heights and 32-foot-by-19-foot column spacing.
The building’s 2,749-square-foot, two-story office space includes seven private offices, NAI Mertz said, while also touting the site’s proximity to routes 47 and 55.
“New Jersey is moving to provide alternative health care for qualifying patients, and Columbia Care is a trusted and respected company in its industry,” Meyer said. “This property provides quality warehouse and office space, and a smart location, to support its business operations.”
