Faropoint, an Israel-based real estate investment company with U.S. operations in Memphis, has acquired the Runnemede Corporate Center in South Jersey for $29.37 million.
The properties total 304,077 square feet and include four development sites that can accommodate nearly 125,000 square feet of additional space.
The existing buildings are located at 150, 155, 160, 165, 170, 175 and 190 Ninth Ave., and the development sites are located at 180,195 and 200 Ninth Ave. and 721 E. Clements Bridge Road.
The existing buildings are used as last-mile distribution facilities, serving the Philadelphia area and South Jersey. They are located off Exit 3 of the New Jersey Turnpike and not far from the Benjamin Franklin and Walt Whitman bridges.
The buildings were 98.6% occupied at the time of sale to a mix of tenants including Stryker Orthopaedics, Cintas Corp., Scotts Lawn Service, GardaWorld and United Rentals Realty.
*Article courtesy of Philadelphia Business Journal
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