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.
*Article courtesy of Philadelphia Business Jounral
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