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Faropoint acquired two industrial parks totaling 770,064 square feet located in Allendale and Mahwah, according to a Wednesday announcement from Cushman & Wakefield.
Faropoint is a Jersey City-based real estate investment firm focused on last-mile industrial properties in high population growth markets.
The Allendale Shallow-Bay Industrial Park and Mahwah Industrial Center consist of 10 total properties that span a combined 68 acres.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the sellers, a joint venture between Camber Real Estate Partners and Advance Realty Investors, and procured the buyer.
“This assemblage of properties in Allendale and Mahwah complement each other with varying unit sizes, loading and overall functionality, allowing ownership to attract a wide variety of user types. The success of both portfolios is evidenced by record rental rates and leasing velocity year-to-date,” Schmidt said. “Camber Real Estate Partners has done an exceptional job managing and maintaining both portfolios since their initial acquisition in 2018 and 2019, respectively.”
The Allendale Shallow-Bay Industrial Park consists of seven properties located at 1, 3, 5, 6 and 7 Pearl Court and 59 Route 17. Totaling 370,064 square feet on 35.1 acres, the property was nearly 100% leased to 19 tenants at the time of closing. The buildings are highly divisible and feature individual storefronts, dedicated dock-high loading for each unit and 985 total parking spaces. The portfolio is ideally located along Route 17, with immediate access to a dense retail corridor, affluent demographics and roadways including Interstate 287, the New York State Thruway, Route 4 and Interstate 80.
“This acquisition further strengthens Faropoint’s growing market share within the Bergen County industrial market,” Gabriel added. “Over the last few years, Faropoint has proven the ability to execute on complex large-scale transactions, which have added to the success of their northern New Jersey portfolio. Their strategy, discipline and data-driven approach was evidenced throughout this accelerated transaction process.”
The Mahwah Industrial Center features three buildings that total 399,999 square feet. Located at 16, 70-82 and 91-97 McKee Drive, the portfolio spans 33.21 acres and was 91% leased to seven tenants at the time of closing. The portfolio offers unit size flexibility and functionality, 23 drive-ins and 16-foot clear heights, as well as abundant parking with 1,463 spaces. The Mahwah Industrial Center is located along Route 17, minutes from Interstate 287, the New York State Thruway and the Ramsey and Mahwah New Jersey Transit rail stations.
“Our team remains steadfast in its commitment to identifying compelling opportunities within the light industrial and shallow-bay sector, strategically positioned within high barriers-to-entry pockets across the broader market such as Northern Bergen,” Orry Michael, director of acquisitions, Greater New York, at Faropoint, said. “Our capacity to execute seamlessly and deliver exceptional results to our investment partners is anchored in our hyperfocus on data analytics. This localized model offers us unparalleled access to on-the-ground insights, market intelligence and a deep understanding of local dynamics. By staying firmly connected with the pulse of the local communities in which we operate, we’re able to identify opportunities as they emerge, remain agile in our decision-making and swiftly respond to market fluctuations.”
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