3100 North Mill Road in Vineland — Courtesy: CBRE
By Joshua Burd
A private equity firm has acquired a 432,000-square-foot industrial building in Vineland for more than $23 million, under a newly completed transaction by CBRE.
Brokers with the firm represented Vineland Construction in its sale of 3100 North Mill Road. Boston-based High Street Logistics Properties purchased the complex, which is fully leased to Ardagh Glass Inc., for $23.2 million.
“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 square foot,” said CBRE’s Michael Hines, who brokered the deal alongside Brad Ruppel, Brian Fiumara and Lauren Dawicki. Local CBRE brokers Ken Zirk, Robert Zwengler, Dan McGovern, Paul Touhey and Andrew Green provided assistance.
Built in 1989 and expanded in 1997, the warehouse is part of the 43-building Vineland Industrial Park off Route 55. The property has clear ceiling heights ranging from 28 to more than 34 feet, along with a cross-docked configuration, 24 dock doors and parking for 18 trailers and 54 cars.
Ardagh Glass, a global company specializing in sustainable packing solutions, recently committed to a 10-year lease extension through early 2030.
