September 15, 2021 9:00 AM
Newmark announces the $39.65 million sale of 1000 Coopertown Road in Delanco, New Jersey. The Class A cold storage transaction comprises a ±255,000-square-foot, newly constructed refrigerated and frozen food distribution facility. Newmark Senior Managing Director Kurt Montagano represented local South Jersey developer Stanker & Galetto, Inc. in the $39.65 million sale to the buyer, Provender Partners, LLC of Newport Beach, California. Associate Ryan Guittare and Senior Managing Directors Mike Margolis and Dave Dolan provided support on the transaction. Newmark also represented the buyer.
The 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 unparalleled access to all major roadways in South New Jersey connecting the property to the entire Northeast Corridor. The property’s location sits minutes from U.S. Route 130, the New Jersey Turnpike (I-295), Interstate 95 (I-95), Route 90, and all major area bridges. 1000 Coopertown Road 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.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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