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THOROFARE, NJ – The 98,608-sf industrial building at 1450 Grandview Ave. here has been sold for $5 million, a price that factors out to just less than $51 per sf. The building is within the 645-acre, multi-owner Mid-Atlantic Industrial Park in this Gloucester County community.

The seller was NL Ventures; the buyer of the asset was not identified. The deal was arranged by Marc Isdaner and Larry Bergen, both directors and SVPs at Colliers Lanard & Axilbund of Philadelphia. The acquisition was concluded with financing provided by M&T Bank, along with assistance from the New Jersey Economic Development Authority.

The sale comes just as the asset’s full-building occupancy has changed. Toppers Inc., a supplier of promotional products and business accessories, moved out in May, relocating to parent company Corvest’s new 300,000-sf office and distribution facility in Largo, FL.

But the space has already been grabbed up by McGrory Glass Inc., a flat-glass fabricator and consultant to the architectural glass industry. For McGrory, the deal marks a relocation of its operations across the Delaware River from Aston, in PA’s Delaware County. Terms of McGrory’s deal were not disclosed; comparable industrial space in the market generally commands rents in the $5-per-sf range.

The building at 1450 Grandview Rd. is on an 8.2-acre site near Exit 20 of Interstate 295 in the South Jersey portion of the metro Philadelphia market. Its layout includes some 12,000 sf of built-out office space, as well as tailgate and drive-in loading, wet sprinklers and parking for 100 cars.

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