by Linda Moss Costar
Boston-based High Street Logistics Properties has purchased a 432,000-square-foot industrial facility in Southern New Jersey for $23.2 million.
Vineland Construction sold the property at 3100 N. Mill Road in Vineland.
Built in 1989 and expanded in 1997, the warehouse is currently 100% occupied by Ardagh Glass, a provider of sustainable packing products. The tenant’s customers include Coca-Cola, Heineken, Nestlé and Bacardi, among others. Earlier this year, Ardagh Glass committed to a 10-year lease extension through early 2030.
The building has clear ceiling heights of 28 to 34.5 feet, a cross-docked configuration, 40-by-50 column spacing, 24 dock doors, 18 trailer parking spots and 54 car parking spaces.
The warehouse is part of the Vineland Industrial Park, which includes 43 buildings totaling over 2.7 million square feet. The industrial park is located directly off Route 55.
“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."
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