5105-5117 Central Highway in Pennsauken — Courtesy: Colliers
By Tina Traster
SNS Real Estate Investment Group LLC has purchased a fully occupied, 60,000-square-foot industrial building in Pennsauken.
In a sale arranged by Colliers, the firm added the property at 5105-5117 Central Highway as part of a long-term investment strategy in the Philadelphia industrial submarket, according to a news release. SNS partnered with Freedom Bank of Maywood on the deal.
“We believe that there is excellent long-term value in purchasing industrial assets in the desirable submarkets of Philadelphia, as we have continued to witness very healthy demand and rent growth within the industrial space,” said Sam Roney, chief of acquisitions for SNS.
Colliers’ Ian Richman brokered the sale, which comes after SNS’ recent purchase of 60,000 square feet of industrial space in Bergenfield. Following that transaction, the investment group has adjusted leases to current market value, improved the building’s physical condition and optimized loading within multitenant spaces.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.