Located at 5105-5117 Central Highway, the property was added to the SNS portfolio as part of a long-term investment strategy it has begun to employ in the Philadelphia industrial submarkets.
SNS partnered with Freedom Bank of Maywood on the purchase, and the sale was brokered by Ian Richman of Colliers. There was no outside debt team involved in the loan.
SNS also recently acquired an additional 60,000 square feet of industrial space in Bergenfield in mid-2021, where a long-term value-add strategy is currently unfolding, with the investment group adjusting leases to current market value, improving the physical condition of the building and optimizing loading within multi-tenanted spaces.
Sam Roney, chief of acquisitions for SNS, said, “We believe that there is excellent long-term value in purchasing industrial assets in the desirable submarkets of Philadelphia, as we have continued to witness very healthy demand and rent growth within the industrial space.”