Jones Lang LaSalle

GlobeSt.com EXCLUSIVE: Food Distributor Buys 80,000-SF Building
By Eric Peterson
Last updated: January 19, 2006 09:46am

(To read more on the industrial market, click here.)
THOROFARE, NJ-ACC Foods has acquired the 80,000-sf industrial building at 280 Jessup Rd. here, Matthew Wright of Grubb & Ellis, Philadelphia, tells GlobeSt.com. The firm’s Eustace Wolfington, senior vice president, and senior industrial advisor Jim Young represented the buyer, a food processor and distributor serving the Mid-Atlantic region.

The seller was a private venture capital group, represented in the transaction by CB Richard Ellis. The building traded for $2.2 million, according to Wright, a number that factors out to $27.50 per sf.

The building, acquired vacant by ACC Foods, was once occupied by Chef Solutions, another food processing and distribution company. Situated on an 8.57-acre site, the asset will undergo substantial renovations and modifications before the new owner moves in. The price tag for those renovations is expected to be in the $1-million range, according to Wright.