A 104,500-square-foot flex industrial property in Pennsauken recently traded for $10.205 million, according to a Tuesday announcement from Colliers, which arranged the transaction.
The property located at 720 Hylton Road continues to be tenanted by American Furniture Rentals, presently the second-largest furniture rental company in the U.S.
The Pennsauken location is a strategic hub of distribution for the company, as it offers convenient proximity to Interstates 95, 295 and 76 as well as the Pennsylvania Turnpike, New Jersey Turnpike and bridges to Pennsylvania.
The buyer was a top-tier private equity firm with a significant market share in the mid-Atlantic. The transaction was notable for its speed, moving from contract to close in just 75 days.
Eric Grad, vice president of investment at Colliers, was the sole agent, brokering both sides in this transaction.
“It was a pleasure working with American Furniture Rental. AFR’s management team expressed an interest in selling their corporate headquarters prior to the pandemic,” Grad stated. “After thoughtful analysis, in coordination with Colliers’ marketing and research teams, we were able to successfully curate a plan to perfectly time the apex of the industrial effervescence while concurrently navigating the macro/interest rate environment.”
“I owe tremendous gratitude to Robert Steinhart and our Colliers support teams; it was a beautiful collaboration,” Grad added.
Robert Steinhart is a senior executive vice president of Colliers who has consulted in AFR’s corporate real estate for several decades.