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Jax Daily Record Tuesday, Mar. 1, 202202:30 PM EST

Faropoint buys industrial property on Philips Highway

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The New Jersey company paid $9.6 million for a building fully leased by Jaguar Power Sports and Setzer’s.
by: Dan Macdonald Staff Writer

Hoboken, New Jersey-based Faropoint bought a 100,625-square foot industrial building at 7720 Philips Highway on Feb. 28 for $9.6 million.

Robert T. Wolfenden Separate Living Trust sold it, according to a news release from the Colliers real estate firm.

Jaguar Power Sports and Setzer’s lease the property.

Eric Bumgarner, executive director of industrial brokerage services with Colliers, along with Colliers Director Joseph Turri and Senior Associate Michael Cassidy, represented the seller.

The warehouse and showroom, built in 1981, is fully leased.

Jaguar Power Sports moved into the building in May 2020. Setzer’s joined in August.

In December 2017, the Robert T. Wolfenden Separate Living Trust paid $5.075 million for the building in a sale-leaseback. It bought it from Ultimate Survival Technologies, which later was acquired by American Outdoor Brands and moved to Missouri. 

Ultimate Survival Technologies bought the property from Haverty Furniture Companies in 2010 for $2.72 million.

Faropoint bought an industrial building at 11660 Central Parkway on Dec. 31 for $8.3 million. The 65,806-square-foot structure is leased by the U.S. Navy for a training facility.

Bumgarner was involved in that purchase as well.

 “It’s not often where you see a tenant have the overall authority of approving a prospective buyer and requiring them to undergo federal background checks before issuing their decision,” he said. 

“That deal was unlike any deal I have seen before, and because of Faropoint’s ability to navigate that deal to a successful closing, they were clearly the best buyer for 7720 Philips Highway.”

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