Cherry Hill, NJ [October 7, 2021] – Vantage Commercial has successfully facilitated the sale of a +/- 105,000 SF former office building, located at 1001 S. Grand Avenue in Hammonton, NJ. This well-positioned asset sits on 24 acres with a potential for expansion. The property is the former home of Whitehall-Robins’ R&D and Corporate Offices and will undergo a conversion back to its original use as a light manufacturing and industrial complex. The single-story building is well located in close proximity to the Atlantic City Expressway, minutes from downtown Hammonton, and is only 30 minutes from the Atlantic City Airport and 45 minutes from the Port of Philadelphia.
Initially, Vantage Commercial was hired to lease office space within the complex. With the slow-down in office leasing, resulting from the global pandemic, Vantage procured a listing with ownership to sell the property.
Corinne Giletto, Senior Advisor, and Ken Richardson, Executive Director at Vantage Commercial represented both the buyer and seller, respectively, in this transaction. The team of Giletto and Richardson has sold 600K+ SF of multi-purpose commercial inventory so far this year. They service both the NJ and PA markets and have current investors waiting on inventory.
Vacancy rates for industrial properties are near an all-time low. The growth of e-commerce has created an incredible demand for these facilities, driving prices to record levels. “We are extremely focused on bringing new opportunities to the market that have been under-utilized or unrecognized in today’s market. It is important to look beyond the data and to think outside of the box in today’s current commercial climate,” Giletto states.
“The current shortage of industrial space in addition to the lead-time to build new capacity offered the opportunity for conversion of this building. The new owners, who are seasoned investors, saw the potential for the conversion from office to industrial in this demanding market,” Richardson states.