Hoboken-based Faropoint closed on a 119,000-square-foot property in Swedesboro for $13.05 million, according to a Wednesday announcement from CBRE, which helped facilitate the deal.
Located at 1654 High Hill Road, the single-tenant industrial facility is situated on an oversized 12-acre site. It serves as the corporate headquarters and main distribution center of Thomas Scientific.
With more than 400 warehouses acquired to date, Faropoint is among the most active buyers and fastest growing industrial private-equity companies in the U.S.
“In a time of market volatility, we try to focus on the fundamentals — highly accessible locations, credit tenants, long (weighted average lease terms) and a solid going-in yield,” Itay Ron, Faropoint’s senior vice president and Northeast market officer, said. “We felt like everything about this deal makes sense. We look forward to our firm’s continued expansion in southern New Jersey and the Greater Philadelphia area and are grateful to the CBRE team for their professionalism, local market expertise and frictionless execution of the deal.”
The CBRE Investment Properties team of Stephen Marzullo and Adam Silverman spearheaded the marketing campaign and represented the seller, Newvine Corp., in the negotiations alongside the CBRE National Partners team of Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki. Additionally, Daniel McGovern, Paul Touhey and Andrew Green of CBRE’s Industrial & Logistics Services team provided industrial leasing market support.
“The property at 1654 High Hill Road offered a below-market investment opportunity for the buyer, serving as the headquarters of TSI for nearly four decades and with a new long-term lease in place,” said Stephen Marzullo. “Thomas Scientific, North America’s largest pure-play distributor of scientific products, boasts the broadest and most differentiated product portfolio in the industry.”
The property is located at Exit 10 off Interstate 295, within the highly desirable master-planned Pureland Industrial Complex, one of the largest industrial parks on the East Coast, with over 6.9 million square feet of distribution, manufacturing and light industrial space on 3,000 acres. Noteworthy corporate neighbors include Lockheed Martin, Home Depot Lumber, Camping World and UPS, among others.
