Newmark closed the $39.65 million sale of a 255,000-square-foot cold storage facility in Delanco to California-based Provender Partners LLC, the commercial real estate firm said on Sept. 15.
Newmark Senior Managing Director Kurt Montagano represented local South Jersey developer Stanker & Galetto Inc. in the sale to Newport Beach’S Provender Partners, which was also represented by Newmark.
Associate Ryan Guittare and Senior Managing Directors Mike Margolis and Dave Dolan provided support on the transaction.
Located at 1000 Coopertown Road, the newly constructed refrigerated and frozen food distribution facility recently underwent a 95,000-square-foot expansion to accommodate existing tenant Misfits Market Inc., which now occupies the full building.
Misfits Market is a food distribution, e-commerce service delivering directly to the consumer. Misfits works on the inefficiencies in the food supply chain by selling misshapen produce and mislabeled pantry items at a discount. Misfits services half of the geographic United States from its Delanco headquarters.
1000 Coopertown Road benefits from access to all major roadways in South Jersey connecting the property to the entire Northeast Corridor. The property’s location sits minutes from U.S. Route 130, the New Jersey Turnpike, Interstate 95, Route 90, and all major area bridges. It is situated within one of the highest performing, most sought-after micro-markets in the entire suburban Philadelphia area. Driven by a concentrated, talented labor pool; proximity to an abundant amenity base and excellent vehicular access; 1000 Coopertown Road is an ideal logistical location to distribute along the Northeast Corridor.