1654 High Hill Road in Swedesboro — Courtesy: CBRE
By Joshua Burd
Faropoint has acquired a 119,000-square-foot light industrial building in Gloucester County for more than $13 million, brokers with CBRE announced Wednesday.
Located at 1654 High Hill Road in Swedesboro, the property serves as the corporate headquarters and main distribution center of Thomas Scientific. It’s also among the latest additions to Faropoint’s fast-growing industrial portfolio, which now spans more than 400 warehouses.
CBRE investment sales brokers Stephen Marzullo and Adam Silverman represented the seller, Newvine Corp., working alongside the firm’s Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki. Daniel McGovern, Paul Touhey and Andrew Green of CBRE’s industrial and logistics services team also participated by providing industrial leasing market support for the $13.05 million trade.
“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,” said Itay Ron, Faropoint’s senior vice president and Northeast market officer. “We felt like everything about this deal makes sense. We look forward to our firm’s continued expansion in southern New Jersey and the greater Philadelphia area and are grateful to the CBRE team for their professionalism, local market expertise and frictionless execution of the deal.”
CBRE noted that the property, which spans 12 acres, is just off Interstate 295 and within the master-planned Pureland Industrial Complex, which has more than 6.9 million square feet of distribution, manufacturing and light industrial space on 3,000 acres. Other tenants in the park include Lockheed Martin, Home Depot, Camping World and UPS.
“The property at 1654 High Hill Road offered a below-market investment opportunity for the buyer, serving as the headquarters of TSI for nearly four decades and with a new long-term lease in place,” Marzullo said. “Thomas Scientific, North America’s largest pure-play distributor of scientific products, boasts the broadest and most differentiated product portfolio in the industry.”
