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NJ distribution center trades for $23M | Real Estate Weekly


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Cushman & Wakefield has arranged the sale of the Moorestown Distribution Center, a 272,682 s/f industrial asset located at 14 Sbar Boulevard, 10 miles from Center City Philadelphia. The final sale price was $23,250,000.
A Cushman & Wakefield team of Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema, with assistance from local leasing specialists John Gartland and Jonas Skovdal, represented the seller, the Piperno Family, owner of craft wholesaler Sbar’s. NorthBridge Partners acquired the asset.
“This sale marks a significant milestone after more than 30 years of business in Moorestown,” said Anthony Piperno. “We are excited to see the use of the building continue to support the economic development of the town and the local region.” ....

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Mack-Cali Announces $255 Million Sale of Short Hills Office Portfolio Advancing Suburban Office Sales Momentum


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JERSEY CITY, N.J., April 20, 2021 /PRNewswire/ Mack-Cali Realty Corporation (NYSE: CLI) today announces the $255 million sale of its Short Hills, New Jersey office portfolio, a four office building portfolio encompassing 843,300 square feet, to The Birch Group. The transaction releases approximately $100 million of net proceeds, after retirement of financing and transaction costs, which is expected to be used to pay down the Company s unsecured corporate debt during the second quarter of 2021.
This transaction represents yet another significant step towards simplifying our company through the disposition of suburban office properties while generating liquidity to pay down corporate debt and strengthen our balance sheet, said Mahbod Nia, Chief Executive Officer of Mack-Cali. I would like to thank the team for their hard work and commitment to closing this complex transaction expeditiously. ....

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ON THE SCENE: Latest middle market sales, exclusives


SALES
The McSam Hotel Group has sold a 7,000 s/f, three-story building at 152 West 24th Street between Sixth and Seventh Avenues (pictured top) for $7.68 million.
Joe Genovese of
Lee Odell Real Estate represented the seller.
Savills represented the buyer, Bideawee animal welfare and pet adoption organization. The nonprofit will re-locate from its Midtown East location and, following a comprehensive renovation of the building, the property will serve as a state-of-the-art pet adoption center. Bideawee projects a move in date of fall 2021. The current Manhattan location, at 410 East 38 Street, is expected to be listed for sale in Spring 2021. In the adjacent open-air lot that Bideawee also purchased, the organization will launch an Animal Enrichment and Training Center, which will be home to a dog play and exercise area for resident dogs. The project’s architect of record is TMA, Ted Moudis & Associates, and planning and design are being imagined and implemented ....

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