{"id":1004686590,"date":"2023-10-20T03:00:00","date_gmt":"2023-10-20T11:00:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004686590"},"modified":"2023-10-20T09:03:43","modified_gmt":"2023-10-20T17:03:43","slug":"faropoint-pays-145m-for-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/faropoint-pays-145m-for-industrial-portfolio\/","title":{"rendered":"Faropoint Pays $145M for Industrial Portfolio"},"content":{"rendered":"
\"Mahwah<\/a>

Mahwah Industrial Center is located in Mahwah, N.J. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

Faropoint <\/strong>has acquired two industrial parks totaling 770,064 square feet in Bergen County, N.J., for $144.5 million. The assets were last owned by Camber Real Estate Partners<\/strong>, according to CommercialEdge data. Cushman & Wakefield <\/strong>brokered the deal, representing the seller.<\/p>\n

The first campus, Allendale Shallow-Bay Industrial Park spans 370,064 square feet across seven buildings. Its last acquisition closed in 2018 for $50.5 million, financed through a $34.5 million loan from Citizens Financial Group<\/strong>, according to the same source.<\/p>\n

Completed in the 1970s and the 1980s, the 35.1-acre property is currently leased to 18 tenants, including Bandai America, InterChem, Minaris Regenerative Medicine and Dataprobe. It is located at 1-3, 5-7 Pearl Court, off Highway 17, roughly 30 miles from New York City.<\/p>\n

The other property, Mahwah Industrial Center comprises three buildings totaling 400,000 square feet. Camber acquired the asset in 2019 for $40.5 million, using a $31.2 million loan from Manufacturers and Traders Trust Co.<\/strong>, CommercialEdge information shows. It is also fully leased to a variety of tenants, including Prestige Toyota, Lincoln Tech and Rockland Nuts & Spices. Average tenant tenure for both parks exceeds a decade.<\/p>\n

\n

READ ALSO<\/strong>: What\u2019s Ahead for Industrial?<\/a><\/p>\n

\n

Completed in 1960s, Mahwah Industrial Center spans 35.1 acres and features 1,463 parking spaces. It is located at 16, 70-82 and 91-97 McKee Drive, some 5 miles north of the Allendale Park and roughly 33 miles from New York City.<\/p>\n

Cushman & Wakefield Executive Vice Chair Gary Gabriel and Executive Managing Director Kyle Schmidt, along with Senior Director Ryan Larkin and Associate Director Seth Zuidema brokered the deal on behalf of the seller. Earlier this year, Gabriel assisted in the sale of a 416,544-square-foot retail portfolio, also in northern New Jersey.<\/p>\n

Strong investment activity in New Jersey<\/h2>\n

New Jersey has remained the most attractive northeastern market for industrial investors, with a $1.6 billion sales volume as of August<\/a>, a recent CommercialEdge report. It was also the most expensive regional market, at an average price per square foot of $241 and an average rent of $9.91, the same source shows.<\/p>\n

Faropoint entered the northern New Jersey market in 2021, having invested some $300 million in the region ever since. Nationally, the company owns and manages more than 20 million square feet of industrial assets. Recently, Faropoint acquired a three-building portfolio in Charlotte for $33 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Situated in northern New Jersey, the assets are 100 percent leased.<\/p>\n","protected":false},"author":3120,"featured_media":1004686623,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,21742,10],"tags":[37331,32799,51608],"class_list":["post-1004686590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-latest","category-northeast","tag-camber-real-estate-partners","tag-cushman-wakefield","tag-faropoint"],"acf":[],"yoast_head":"\nFaropoint Pays $145M for Industrial Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Faropoint has acquired two industrial parks totaling 770,064 square feet in Bergen County, N.J., for $144.5 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/faropoint-pays-145m-for-industrial-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Faropoint Pays $145M for Industrial Portfolio\" \/>\n<meta property=\"og:description\" content=\"Faropoint has acquired two industrial parks totaling 770,064 square feet in Bergen County, N.J., for $144.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/faropoint-pays-145m-for-industrial-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-20T11:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-20T17:03:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/16-Mckee-Drive-Mahwah-NJ.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/faropoint-pays-145m-for-industrial-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/faropoint-pays-145m-for-industrial-portfolio\/\",\"name\":\"Faropoint Pays $145M for Industrial Portfolio - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/faropoint-pays-145m-for-industrial-portfolio\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/faropoint-pays-145m-for-industrial-portfolio\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/16-Mckee-Drive-Mahwah-NJ.jpg\",\"datePublished\":\"2023-10-20T11:00:00+00:00\",\"dateModified\":\"2023-10-20T17:03:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2\"},\"description\":\"Faropoint has acquired two industrial parks totaling 770,064 square feet in Bergen County, N.J., for $144.5 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/faropoint-pays-145m-for-industrial-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/faropoint-pays-145m-for-industrial-portfolio\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/faropoint-pays-145m-for-industrial-portfolio\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/16-Mckee-Drive-Mahwah-NJ.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/16-Mckee-Drive-Mahwah-NJ.jpg\",\"width\":1000,\"height\":800,\"caption\":\"Mahwah Industrial Center is located in Mahwah, N.J. 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