CBRE announced the $29.37 million sale of Runnemede Corporate Center, a seven-building, 304,077 s/f light industrial portfolio serving the greater Philadelphia last-mile and regional distribution markets in Runnemede, New Jersey.
Richards & Robbins sold the portfolio, which includes four development parcels with expansion potential of nearly 125,000 s/f, to Faropoint, an industrial investment firm that has been actively engaged in the commercial real estate market of the Southeast, Mid-Atlantic, and Midwest regions of the United States.
The CBRE National Partners’ team comprised of Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki led the marketing efforts and represented the seller in the transaction.
“The Runnemede Corporate Center offered a unique opportunity to acquire a 98.6 percent occupied regional facility along the I-95/I-295 corridor just 10 miles from Philadelphia,” said Hines. “Leased to a diversified roster of tenants with an average occupancy of nearly 13 years, the property’s reputation for quality management and potential for future development generated a tremendous amount of interest, and Faropoint has acquired a superior quality asset.”
Located off Exit 3 of the New Jersey Turnpike just nine miles from the Ben Franklin Bridge and five miles from the Walt Whitman Bridge connecting to the Philadelphia CBD, the Runnemede Corporate Center is at the epicenter of the Northeast United States’ most densely populated region.
With clear ceiling heights of 20 to 24 feet, the property features site and building design to accommodate a wide array of high-volume tenant operations, facilitating both Philadelphia Metropolitan last-mile consumer requirements and regional distribution.
Notable tenants include Stryker Orthopaedics, Cintas Corporation, Scotts Lawn Service, GardaWorld and United Rentals Realty, among others.
The portfolio is comprised of seven buildings located at 150, 155, 160, 165, 170, 175 and 190 Ninth Avenue, while the four land parcels are located at 180,195, 200 Ninth Avenue and 721 East Clements Bridge Road.