Page 3 - Brian Fiumara News Today : Breaking News, Live Updates & Top Stories | Vimarsana
$265M sale of Target-leased distribution center in South Jersey sets price per square foot record
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CenterPoint Buys Second Warehouse in Hunts Point
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LA-based
investment firm Cohen Asset Management has closed on the $29.6 million
acquisition of another New Jersey warehouse property.
CBRE represented
the seller, Scannell Properties, in the sale of 2555 Kuser Road in Hamilton,
a 145,950 s/f industrial warehouse, located within an hour of Newark and
Philadelphia International Airports, Port Newark and Port Elizabeth.
The property is currently under
construction and expected to deliver in February 2021.
The CBRE National
Partners’ team of Brian Fiumara, Michael Hines, Brad Ruppel
and Lauren Dawicki led the marketing efforts and represented Scannell
Properties, an Indianapolis-based development and investment company.
The new owner
has appointed CBRE the exclusive leasing agent for the property, which has
CBRE announced today the $21.95 million sale of 3254 N. Mill Road in Vineland, New Jersey, a fully leased 269,500 s/f regional distribution center located in Cumberland County.
The CBRE National Partners’ team comprised of Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki led the marketing efforts and represented the seller, Vineland Construction, in the transaction. The buyer was High Street Logistics Properties, a Massachusetts-based private equity firm. “This property offers superior regional access from Baltimore to Boston and direct access to the Philadelphia and Southern New Jersey MSAs,” said Hines. “Leased to high quality tenants at below market rates with average remaining terms of less than three years, the property offers significant upside potential for the new owners.”
CBRE announced the $29.37 million sale of Runnemede Corporate Center, a seven-building, 304,077 s/f light industrial portfolio serving the greater Philadelphia last-mile and regional distribution markets in Runnemede, New Jersey.
Richards & Robbins sold the portfolio, which includes four development parcels with expansion potential of nearly 125,000 s/f, to Faropoint, an industrial investment firm that has been actively engaged in the commercial real estate market of the Southeast, Mid-Atlantic, and Midwest regions of the United States.
The CBRE National Partners’ team comprised of Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki led the marketing efforts and represented the seller in the transaction.
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