MILLVILLE, NJ-Alcan Global Pharmaceutical Packaging Inc., part of Alcan Aluminum, has sold the 163,600-sf building at 1101 Wheaton Ave. here to Millville Investment Group LLC. The latter, a local group, plans to use a portion of the redeveloped former Wheaton Industries glassworks and find tenants for the rest.
The deal was arranged by Binswanger, Philadelphia. Terms, including the sale price, were not disclosed. Industry sources say the complex, which consists of some 68,200 sf of office space and a 95,400-sf technical center, likely traded for a number in the $15-million range.
Known locally as "the Pentagon," it features ceiling heights to 24-ft clear and a 5,000-sf auditorium. It also features stained glass window the seller has donated to the Wheaton Arts and Cultural Center, but which will remain on site.
Wheaton Industries occupied the site until the mid-1990s when it was acquired by Algroup. The latter is now part of Alcan Global Pharmaceutical Packaging's parent Alcan Aluminum.
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