Thursday, March 5, 2020

Cannabis Company Buys New Jersey Warehouse

Columbia Care, which holds one of six licenses in New Jersey to cultivate cannabis, has purchased its first location in the Garden State.

The company, a global medical cannabis operation with licenses in 18 jurisdictions in the United States and Europe, bought a vacant industrial building in the southern part of the state at 1560 N. West Blvd. in Vineland for $2.6 million, according to CoStar data.

LS Capital, which was represented by NAI Mertz in the transaction, sold the 50,274-square-foot building to Columbia Care, which provides cannabis-based health and wellness options for patients.

The company has more than 25 locations throughout the United States and Puerto Rico, with one now in New Jersey. The state issued Columbia Care its cultivation license in 2018.

"New Jersey is moving to provide alternative healthcare for qualifying patients, and Columbia Care is a trusted and respected company in its industry. This property provides quality warehouse and office space, and a smart location, to support its business operations."

The building that Columbia Care purchased has 47,525 square feet of warehouse space with two drive-in doors, four platform loading docks and clear ceiling heights of 15 to 27 feet. Its 2,749-square-foot, two-story office space includes seven offices and four restrooms. The property is in close proximity to major highways including Routes 47 and 55, and is about 35 minutes from the Atlantic City Expressway.

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