A project by Faropoint will bring 73,800 square feet of modern industrial space to a 9.18-acre site on Swedesboro Road in Greenwich Township. — Rendering courtesy: Faropoint
By Joshua Burd
Faropoint has acquired more than nine acres in Cumberland County where it plans to develop some 74,000 square feet of high-end warehouse space, the Hoboken-based firm announced.
The company on Wednesday said the project, located on Swedesboro Road in Greenwich Township, calls for a 32-foot clear ceiling height, 15 loading positions, two drive-in doors and 1,600 amps of 480-volt power. It has secured final site plan approval for the 73,800-square-foot development, which it said will tap into a market in South Jersey and greater Philadelphia that has strong fundamentals but limited supply.
Faropoint identified the site’s potential through what it described as expertise in last-mile logistics and a proprietary sourcing platform. Wendy Banscher of Fox & Roach LP represented the unnamed sellers in the transaction.
“We are excited to add a ground-up development project to our acquisition pipeline in the Northeast,” said Benjamin Wachs, a senior acquisitions associate at Faropoint. “This project showcases our versatile capabilities as a value-add fund, capitalizing on opportunities across the capital spectrum. Over the past few years, South Jersey has seen a glut of new industrial development, but with very few properties delivered under 75,000 square feet. We believe there is a large unmet demand for smaller freestanding buildings in the area and we will continue to look for more opportunities to deliver these projects on behalf of our investors.”
