Cushman & Wakefield arranged the sale of the Moorestown Distribution Center for $23,250,000 the real estate services firm announced April 23.
The 272,682-square-foot industrial asset is located at 14 Sbar Blvd., just 10 miles from Center City Philadelphia.
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. NorthBridge Partners acquired the asset.
“This sale marks a significant milestone after more than 30 years of business in Moorestown,” said seller 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.”
Originally built as the headquarters for Sbar’s Inc. in 1990 with a 102,305-square-foot expansion in 1997, the property features 34 dock and 189 car parking spaces.
The Moorestown Distribution Center is situated on 15 acres along the Southern New Jersey Interstate 295/Turnpike Corridor in Burlington County. The property serves the Philadelphia MSA (metropolitan statistical area), providing immediate access to Center City Philadelphia and 5.6 million consumers within a 60-minute drive.
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