Strategic Funding Alternatives buys former American Water HQ

Real estate investment firm Strategic Funding Alternatives LLC has acquired the former American Water Co. headquarters in Voorhees, it announced Monday.

Financial terms of the deal for the 73,868-square-foot Class A property at 1025 Laurel Oak Road were not disclosed.

The building has been vacant since American Water moved to Camden late in 2018.

Moorestown-based SFA is planning capital improvements for the vacant interior, common areas and landscaping, among other projects.

“The 1025 Laurel Oak Road property is a great building — a corner site with high visibility and ample parking,” Jeffrey Schneider, managing principal, said in a prepared statement. “We see this property as a strong addition to our portfolio and will be reviewing offers to lease the building to single and multitenant prospects.”

This is the firm’s second property on the street, after having acquired 1020 Laurel Oak Road in April 2019.