Faropoint acquired a 17,600-square-foot industrial building in Delran for $1.6 million, according to an announcement earlier this week.
Faropoint, a leading real estate investment firm focused on last-mile industrial properties in high population growth markets, acquired the property located at 1803 Underwood Blvd. in the Millside Business Park as a sale-leaseback to the owner-occupier, Frank Lawson of AMC Fire Protection.
The building is well positioned in Burlington County and is in good proximity to the heavily traveled Route 130. It features tailgate loading in each unit, 17-foot clear ceilings in warehouse, one dock door, one drive-in bay with air-conditioned office space and approximately 30 parking spaces.
“This deal offers the buyer a functional industrial asset with future rental upside located less than 15 miles to Downtown Philadelphia in a supply-constrained submarket,” Daniel Tropp, president of AEBOV Industrial Real Estate Brokerage, who brokered the transaction on behalf of Faropoint, told ROI-NJ. “It also offers the seller, who executed a sale-leaseback, flexibility to grow their business, which has seen an uptick in demand as a result of the pandemic.”
