(Mark Your Calendars: RealShare New Jersey 2011, September 13 in New Brunswick).
CHERRY HILL, NJ-Macy’s Corporate Services has sold a 238,000-square-foot industrial building at 11 Perina Blvd. here to Perina Associates for $3.34 million, approximately $15 per square foot. Perina is an entity controlled by Industrial Investments, a regional owner and operator of approximately 4 million square feet of industrial properties in Pennsylvania and Southern New Jersey.
The building had been the Accumark Distribution Center for Federated Department Stores, which distributing soft goods and general merchandise to Macy’s northeast store group, according to Colliers International, which represented Macy’s. However, it had been vacant for several years, says Colliers’ Marc Isdaner.
“It’s too big for the specific Cherry Hill submarket,” Isdaner tells GlobeSt.com. “By subdividing it, it will be more appropriate for the marketplace.” The building will be divided as the building is leased, unless a tenant requires the whole space, he adds.
Originally built in the mid-1970s, the facility is located at Exit 34 of Interstate 295. It was expanded in 1985. Industrial Investments plans to divide the building into a multi-tenant property and make significant improvements.
Asking prices for other industrial buildings for sale in the market include $375,000 for a 4,000-square-foot flex space to $3.2 million for a 32,000-square-foot retail/office/flex building to an undisclosed sum for a 63,225-sf warehouse, according to LoopNet.
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