The Runnemede Corporate Center, a seven-building, 304,077-square-foot light industrial portfolio serving the greater Philadelphia last-mile and regional distribution markets in Southern New Jersey, was sold for $29.37 million to Faropoint, an Israel-based industrial investment firm, CBRE announced earlier this week.
Richards & Robbins sold the portfolio, which includes four development parcels with expansion potential of nearly 125,000 square feet. Faropoint has been actively engaged in the commercial real estate market in the Mid-Atlantic, Southeast and Midwest regions of the U.S.
The Runnemede Corporate Center is located off Exit 3 of the Turnpike and just nine miles from the Ben Franklin Bridge and five miles from the Walt Whitman Bridge. With clear ceiling heights of 20-24 feet, the property features site and building design to accommodate a wide array of high-volume tenant operations.
Notable current tenants include Stryker Orthopaedics, Cintas Corp., Scotts Lawn Service, GardaWorld and United Rentals Realty. The portfolio is comprised of seven buildings, located at 150, 155, 160, 165, 170, 175 and 190 9th Ave., while the four land parcels are located at 180,195 and 200 9th Ave. and 721 E. Clements Bridge Road.
The CBRE National Partners’ team of Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki led the marketing efforts and represented the seller in the transaction.
“The Runnemede Corporate Center offered a unique opportunity to acquire a 98.6 percent occupied regional facility along the (Interstate) 95/I-295 corridor just 10 miles from Philadelphia,” Hines said. “Leased to a diversified roster of tenants with an average occupancy of nearly 13 years, the property’s reputation for quality management and potential for future development generated a tremendous amount of interest. Faropoint has acquired a superior quality asset.”