PENNSAUKEN, NJ — Colliers announced the investment sale of 720 Hylton Rd. in Pennsauken. The 104,500 s/f flex industrial property traded at a premium price per s/f, in a transaction totaling $10,205,000,
The property continues to be tenanted by American Furniture Rentals (AFR). The Pennsauken location is a strategic hub of distribution for the firm, with proximity to I-95, I-295, Pennsylvania Tpke., New Jersey Tpke., I-76 and bridges to Pennsylvania.
Eric Grad, vice president of investment at Colliers, was the sole agent, brokering both sides in this transaction.
On the deal, Grad shared: “It was a pleasure working with American Furniture Rental. AFR’s management team expressed an interest in selling their corporate HQ prior to the pandemic. After thoughtful analysis, in coordination with Colliers’ marketing and research teams, we were able to successfully curate a plan to perfectly time the apex of the industrial effervescence while concurrently navigating the macro/interest rate environment.”
“I owe tremendous gratitude to Robert Steinhart and our Colliers support teams, it was a beautiful collaboration.” Grad summarized. Robert Steinhart is a senior executive VP of Colliers who has consulted in AFR’s corporate real estate for several decades.
“Eric and the Colliers team were thoughtful in nurturing the relationship to maximize value at time of sale, executing the transaction seamlessly.” said Doug Sayer SIOR, Colliers president and CEO in the Philadelphia Tri-State region. MAREJ
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