NAI Mertz recently announced the team of Senior Vice President Jonathan Klear, Vice President Roy Kardon, Senior Vice President Jeff Licht, Senior Associate Jared Licht and Executive Vice President Corporate Services Fred Meyer completed the sale of a 140,000-square-foot industrial building located at 740 Coopertown Road in Delanco to buyer Faropoint.
Faropoint is a real estate investment firm headquartered in Hoboken well-known for acquiring Class B properties.
NAI Mertz represented both the seller and buyer in this transaction, including the long-term leaseback to the tenant-in-place, Stylex Seating.
Klear and his team have successfully identified attractive properties with existing income for their investor clients while appealing to the seller’s interest on pricing.
“We were pleased to assist Faropoint in adding this asset to their portfolio of industrial properties, with the leaseback serving as an added bonus.” Klear stated.
Located in close proximity to Route 130, 740 Coopertown Road is just a half-hour from center city Philadelphia. Features of the property include ample loading docks, high ceilings, heavy power supply to the building and a large amount of parking.