Faropoint, a leading real estate investment firm focused on last-mile industrial properties in high-population growth markets, said Wednesday it acquired a 38,550-square-foot property in Gloucester City for $2.7 million from Bay Pointe Properties.
Located at 400 Water St. in the Greater Philadelphia area, the industrial property is 100% leased and occupied by L&W Supply Corp.
Daniel Tropp of AEBOV Industrial Real Estate Brokerage brokered the transaction on behalf of the buyer. Marc Policarpo of Westfield Real Estate represented the seller.
“400 Water St. provides an opportunity for Faropoint to acquire a highly functional
asset that is situated in a good location with direct access into Philadelphia,” Itay
Ron, Faropoint’s senior vice president, Northeast market leader, said.
“The greater Philadelphia region remains an attractive and competitive market for industrial investment, as the need for last-mile logistics and distribution centers near large population centers continues to rise,” Tropp stated. “Camden County, in particular, has witnessed strong industrial activity recently, spurred on by the submarket’s well-placed location near the New Jersey Turnpike. The region provides excellent access to both nearby markets in Delaware, New Jersey and Pennsylvania, as well as the entire mid-Atlantic region.”
