Sale of 238,000 SF Industrial Building for $3.34M in Cherry Hill, NJ

"The sale of a 238,000 SF industrial building on approximately 14 acres of land located at 11 Perina Boulevard in Cherry Hill, NJ, which was sold by Macy's Corporate Services traded to Perina Associates, LLC for $3.34 million.

Perina Associates is an entity that is controlled by Industrial Investments Inc. Industrial Investments is a regional owner and operator of approximately 4,000,000 SF of industrial properties in Pennsylvania and Southern New Jersey. The property was sold by Macy's Corporate Services and was operated for many years as The Accumark Distribution Center for Federated Department Stores which distributed soft goods and general merchandise to Macy's northeast store group.

The 238,000 SF building was built in the mid 1970's and later expanded in 1985. Industrial Investments plans to divide the building into a multi-tenant property and make significant improvements. Once divided, the building will offer spaces with clear ceilings heights of 32', 28' and 22'. Each section will have its own loading and office areas. Located at Exit 34 of I-295, this site provides great access to the region's highway systems."
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