The Runnemede Corporate Center in Runnemede — Courtesy: CBRE
By Joshua Burd
An investment firm has sold seven light industrial buildings in Camden County for nearly $30 million, under a newly announced transaction by CBRE.
Brokers with the firm represented the seller, Richards & Robbins, in its disposition of the 304,077-square-foot portfolio along Ninth Avenue in Runnemede. The investment firm Faropoint purchased the buildings for $29.37 million, CBRE said, noting that the deal also includes four development parcels with expansion potential of nearly 125,000 square feet.
The Runnemede Corporate Center spans 150, 155, 160, 165, 170, 175 and 190 Ninth Ave., while the parcels are located at 180,195, 200 Ninth Ave. and 721 East Clements Bridge Road.
“The Runnemede Corporate Center offered a unique opportunity to acquire a 98.6 percent occupied regional facility along the (Interstate 95 and 295) corridor just 10 miles from Philadelphia,” said Michael Hines, a member of the CBRE brokerage team. “Leased to a diversified roster of tenants with an average occupancy of nearly 13 years, the property’s reputation for quality management and potential for future development generated a tremendous amount of interest, and Faropoint has acquired a superior quality asset.”
Hines brokered the deal alongside CBRE’s Brian Fiumara, Brad Ruppel and Lauren Dawicki. In a news release, the firm noted that the portfolio serves last-mile and regional distribution markets in greater Philadelphia, with a location off Exit 3 of the New Jersey Turnpike.
The buildings are also nine miles from the Ben Franklin Bridge and five miles from the Walt Whitman Bridge to Philadelphia. The property features site and building design to accommodate a range of high-volume tenant operations and has an existing roster that includes Stryker Orthopaedics, Cintas Corp., Scotts Lawn Service, GardaWorld and United Rentals Realty, among others.
