740 Coopertown Road in Delanco — Courtesy: NAI Mertz
By Joshua Burd
Faropoint has added to its New Jersey portfolio with the purchase of a 140,000-square-foot industrial building in Burlington County, in a newly announced deal by NAI Mertz.
According to the brokerage team, Stylex Seating sold the property at 740 Coopertown Road in Delanco and will remain in place as a tenant. The sale-leaseback deal allows Faropoint, an investment firm with offices in Hoboken, to expand its footprint in the region with an asset that’s two miles from Route 130 and a half-hour’s drive from Center City Philadelphia.
NAI Mertz Senior Vice President Jonathan Klear, Vice President Roy Kardon, Senior Vice President Jeff Licht, Senior Associate Jared Licht and Fred Meyer, executive vice president for corporate services, represented both parties in the deal. Terms were not disclosed.
“We were pleased to assist Faropoint in adding this asset to their portfolio of industrial properties with the leaseback serving as an added bonus,” Klear said.
NAI Mertz said the building has ample loading docks, high ceilings, a heavy power supply and a large amount of parking.
Faropoint acquires 62,000 sq. ft. Meadowlands building for $17.7 million
