Faropoint Pays $17.7M for Meadowlands Last Mile Industrial Property
Industrial property specialist Faropoint has acquired a 62,000-sf last mile property in Moonachie, NJ for $17.7 million, Faropoint announced, further strengthening the company’s Northern New Jersey presence following a recent 10 building acquisition in the region.
“Northern New Jersey remains an attractive and competitive market for industrial investment, as the need for last-mile logistics and distribution centers near large population centers continues to rise,” said Faropoint’s Orry Michael. “Availability of functional space is limited across Northern New Jersey and the Meadowlands. This lack of supply and growing demand will continue to lead to future rent growth.”
This deal marks Faropoint’s second major transaction in Northern New Jersey. The firm recently acquired a 10-building portfolio of properties from Kushner Companies for $132.5 million.
For Faropoint this latest acquisition comes on the heels of a record-breaking year of activity in 2021. During that time the firm spent more than $730 million in 82 separate transactions to acquire 144 industrial buildings totaling 8.5 million square feet across the country.
The property at 121 Moonachie Ave. is located within close proximity to the high barrier-to-entry New York metropolitan area and provides easy access to I-80 and I-95. Brokers David Schechtman, David Benharouch, and Ikey Betesh with Meridian Capital Group facilitated the sale.
“Our goal, across all the markets that we are active in, is to provide feedback regarding any given opportunity within 24 hours from initial outreach,” said Vadim Greenberg, Head of Acquisitions at Faropoint.“We are able to do so thanks to our proprietary in-house technology platform that aggregates and manages our deal pipeline using demographic scoring, industrial market analysis, satellite analysis and credit analysis.”
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