Israeli company adds Philadelphia area industrial portfolio with purchase of South Jersey warehouse
The light industrial building at 1654 High Hill Road is located off I-295 in the Pureland Industrial Complex.
COURTESY OF CBRE
Faropoint has added to its growing portfolio in the region with the purchase of a 119,000-square-foot industrial building in South Jersey for $13.05 million.
The Israel-based real estate company bought the property from Newvine Corp.
The building, located at 1654 High Hill Road in Swedesboro, is part of a 12-acre property.
Thomas Scientific is the site’s lone tenant and uses the building as its corporate headquarters and main distribution center. The company has a long-term lease in place.
Faropoint first entered the Philadelphia market in 2020, spending $50 million to buy 11 industrial properties between Southeastern Pennsylvania and South Jersey. Those acquisitions included a nearby building 121 High Hill Road in Swedesboro. By the fall of 2021, it had spent almost $130 million to acquire properties totaling more than 1.5 million square feet.
The firm focuses on last-mile industrial properties in high population growth markets. The company also has investments in Atlanta, Dallas, North Jersey, Chicago, Tampa, Miami, Baltimore and Memphis. Faropoint owns more than 400 warehouses and is among the most active and fastest-growing industrial private equity companies in the country.
The property at 1654 High Hill Road sits off I-295 and is part of the Pureland Industrial Complex, which has more than 6.9 million square feet of distribution, manufacturing and light industrial space on 3,000 acres.
“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,” Faropoint Senior Vice President Itay Ron said in a statement. “We felt like everything about this deal makes sense.”
CBRE represented Newvine Corp. in the sale. CBRE’s Stephen Marzullo and Adam Silverman marketed the property, and Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki also represented the seller in negotiations. Daniel McGovern, Paul Touhey and Andrew Green provided industrial leasing market support.