A 432,000-square-foot industrial building leased to one of the world’s largest glass and metal packaging companies sold for $23.2 million in one of South Jersey’s smaller, but growing, submarkets.
The building, located at 3100 N. Mill Rd. in Vineland, Cumberland County, was bought by High Street Logistics, a Boston-based real estate investment firm. It’s currently 100% leased to Ardagh Glass Inc., a subsidiary of Luxembourg-based Ardagh Group (NYSE: ARD), which operates 56 metal and glass production facilities in 12 counties and reports more than $7 billion in annual sales.
Customers of Ardagh Glass include big-name brands like Coca-Cola, Heineken, Nestle and Bacardi. Ardagh signed a 10-year extension on its lease earlier this year, with the current lease now set to expire in early 2030.
The seller was Vineland Construction Co., which developed the building in 1989 and later expanded it in 1997. Its ceiling heights range from 28 feet to 34.5 feet, and the property’s layout includes 24 dock doors, 18 trailer parking spots and 54 car parking spots.
The Vineland industrial market may not get as much attention as other South Jersey markets that are located closer to Philadelphia, but its proximity to Rt. 55 and access to a large workforce are attractive for tenants, especially in the food and beverage industries.
The building is one of 43 located in the Vineland Industrial Park, which totals 2.7 million square feet. Vineland’s industrial activity reflects the city’s long history as a hub for the agricultural and food product industry, given its location in the heart of South Jersey’s rural farmlands. The city still boasts hundreds of acres of farmland, and is home to the largest farmer’s co-op on the East Coast, the Vineland Produce Auction. The city reports the area also has one of the lowest construction cost indices in the state.
The buyer for 3100 N. Mill Rd., High Street Logistics, has owned properties in 12 states: Florida, Georgia, Illinois, Kentucky, Maryland, Massachusetts, Minnesota, New Jersey, Ohio, Pennsylvania, Tennessee and Texas. The Vineland location is its first foray into South Jersey, having previously bought and sold industrial properties in North and Central Jersey.
*Article courtesy of Philadelphia Business Journal
For more information about this Vineland industrial space or about any other Vineland commercial properties for sale or lease, please contact the team at Wolf Commercial Real Estate, a Vineland commercial real estate broker at 856-857-6300.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Vineland commercial real estate broker that provides a full range of Vineland commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, warehouse properties, industrial properties, land properties, retail buildings and other Vineland commercial properties for buyers, tenants, investors and sellers.
Please visit our websites for a full listing of Vineland commercial properties for lease or sale through our Vineland commercial real estate brokerage firm.
