{"id":1004740054,"date":"2024-12-09T04:08:15","date_gmt":"2024-12-09T12:08:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004740054"},"modified":"2025-07-14T03:06:19","modified_gmt":"2025-07-14T11:06:19","slug":"faropoint-launches-new-jersey-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/faropoint-launches-new-jersey-project\/","title":{"rendered":"Faropoint Launches New Jersey Project"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Faropoint-11070-Cabot-Commerce-Circle-Jacksonville.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"799\" height=\"620\" data-attachment-id=\"1004727327\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/105m-off-market-deal-nets-faropoint-16-logistics-buildings\/faropoint-11070-cabot-commerce-circle-jacksonville\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Faropoint-11070-Cabot-Commerce-Circle-Jacksonville.jpg\" data-orig-size=\"799,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Faropoint 11070 Cabot Commerce Circle Jacksonville\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Faropoint has acquired 11070 Cabot Commerce Circle in Jacksonville, Fla. Image courtesy of Faropoint&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Faropoint-11070-Cabot-Commerce-Circle-Jacksonville.jpg?w=799\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Faropoint-11070-Cabot-Commerce-Circle-Jacksonville.jpg?w=799\" alt=\"Faropoint has acquired 11070 Cabot Commerce Circle in Jacksonville, Fla., as part of a 16-building acquisition \" class=\"wp-image-1004727327\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Faropoint-11070-Cabot-Commerce-Circle-Jacksonville.jpg 799w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Faropoint-11070-Cabot-Commerce-Circle-Jacksonville.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Faropoint-11070-Cabot-Commerce-Circle-Jacksonville.jpg?resize=768,596 768w\" sizes=\"auto, (max-width: 799px) 100vw, 799px\" \/><\/a><figcaption class=\"wp-element-caption\">Faropoint has acquired 11070 Cabot Commerce Circle in Jacksonville, Fla., as part of a 16-building portfolio transaction earlier this summer. <em>Image courtesy of Faropoint<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Faropoint is planning the development of Joyce Kilmer Logistics Center, a two-building Class A industrial project in New Jersey\u2019s Exit 9 submarket. Construction is expected to begin early next year, with an estimated delivery by the fourth quarter of 2026.<\/p>\n\n\n\n<p>Totaling 195,421 square feet, the assets will be minutes from Interstate 95, U.S. Route 1 and Route 28. The rear-loaded facilities will feature 36-foot clear height with 32 total loading positions. The project has been designed to meet the submarket\u2019s growing demand for industrial spaces under 100,000 square feet.<\/p>\n\n\n\n<p>Deugen Development, a fourth-generation New Jersey developer with an extensive market presence, is a project partner.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-deliveries\/\">Top 5 Markets for Industrial Deliveries<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The Joyce Kilmer development is part of Faropoint\u2019s Industrial Value Fund III, which <a href=\"https:\/\/www.commercialsearch.com\/news\/faropoint-closes-urban-industrial-fund-at-915m\/\">closed at $915 million<\/a> in June, exceeding its $750 million target.<\/p>\n\n\n\n<p>In September, Faropoint launched a $300 million target industrial sale-leaseback fund that will <a href=\"https:\/\/www.commercialsearch.com\/news\/faropoint-launches-300m-industrial-lease-back-fund\/\">capitalize on the debt gap<\/a> of local and regional U.S. banks as they strive to reduce their commercial real estate exposure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-strong-track-record\">A strong track record <\/h2>\n\n\n\n<p>Since 2018, Faropoint has successfully acquired more than 80 sale-leaseback buildings, totaling approximately 5 million square feet, all without any defaults.<\/p>\n\n\n\n<p>In August, <a href=\"https:\/\/www.commercialsearch.com\/news\/105m-off-market-deal-nets-faropoint-16-logistics-buildings\/\">Faropoint acquired a 16-building portfolio<\/a> in key logistics markets Jacksonville, Fla., and Memphis, Tenn., for $105 million. Eastdil Secured brokered the deal in less than 45 days. This off-market acquisition totals 1.7 million square feet and features four buildings in Jacksonville and 12 in Memphis.<\/p>\n\n\n\n<p>Since its inception in 2012, Faropoint has acquired over 400 warehouses, representing more than $3 billion in industrial real estate assets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-more-industrial-developments\">More industrial developments<\/h2>\n\n\n\n<p>Last month, <a href=\"https:\/\/www.commercialsearch.com\/news\/crg-pccp-to-develop-576-ksf-industrial-park-in-new-jersey\/\">CRG formed a joint venture with PCCP<\/a> to develop The Cubes at Alpha, a 575,900-square-foot industrial park in Alpha, N.J. Its completion is expected in the third quarter of next year. PCCP paid $24.8 million for the 37-acre site in August and Simmons Bank issued a $55.8 million construction loan last month, Warren County public records show.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new development will address the area\u2019s growing demand for smaller industrial spaces. <\/p>\n","protected":false},"author":3568,"featured_media":1004727327,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,21742,10],"tags":[],"class_list":["post-1004740054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Faropoint Launches New Jersey Project - 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