Industrial property

Faropoint acquires industrial property in Delran for $1.6M

Faropoint acquired a 17,600 square foot industrial building in Delran for $1.6 million, according to an announcement earlier this week.

Faropoint, a leading real estate investment firm focused on last mile industrial properties in high population growth markets, has acquired the property located at 1803 Underwood Blvd. in Millside Business Park on sale-leaseback to owner occupant, Frank Lawson of AMC Fire Protection.

The building is conveniently located in Burlington County and is close to the busy Route 130. It includes tailgate loading in each unit, 17-foot clear ceilings in the warehouse, a dock door, a bay with an air-conditioned office space and approximately 30 parking spaces.

“This agreement provides the buyer with a working industrial asset with future rental advantage located less than 15 miles from downtown Philadelphia in a limited supply submarket,” Daniel Tropp, president of AEBOV Industrial Real Estate Brokerage, who negotiated the transaction on behalf of Faropoint, told ROI-NJ. “It also provides the seller, who has executed a sale-leaseback, the flexibility to grow their business, which has seen an increase in demand due to the pandemic.”