Faropoint buys Mount Laurel industrial property, NAI Mertz says

An industrial building in Mount Laurel has been sold, according to real estate firm NAI Mertz.

The 61,000-square-foot property at 103-105 W. Park Drive was sold to Faropoint, an industrial investment firm. The seller was not disclosed.

Financial terms of the transaction also were not disclosed.

NAI Mertz’s team of Jonathan Klear, Fred Meyer, Roy Kardon, Jeff Licht and Jared Licht represented the buyer in the transaction.

“We have been working with Faropoint for over a year to identify and underwrite attractive, off-market, regionally located opportunities,” Klear, a senior vice president, said in a prepared statement. “The company’s Northeast portfolio is growing substantially with the help of NAI Mertz. We are pleased to have found our client this great investment property, which is fully occupied by a longtime tenant, making this sale more attractive to their business objectives.”