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Faropoint Scores North Jersey Industrial Portfolio in Buy from Kushner
Industrial investment firm Faropoint has acquired a 10-building portfolio located throughout Northern New Jersey from Kushner Companies for $132.5 million. Totaling 654,633 square feet and currently 98% leased, the portfolio is located throughout Bergen and Morris Counties.
The portfolio is comprised of the following assets:
- 125 Algonquin Pkwy., Whippany
- 145 Algonquin Pkwy., Whippany
- 156 Algonquin Pkwy., Whippany
- 30 Leslie Ct., Whippany
- 17-01 Pollitt Dr., Fair Lawn
- 19-05 Nevins Rd., Fair Lawn
- 128 Bauer Dr., Oakland
- 40 Potash Rd., Oakland
- 5 Thornton Rd., Oakland
- 95 Bauer Dr., Oakland
“The portfolio’s flexible design is ideally suited to accommodate a wide array of distribution and light industrial users in an area of Northern New Jersey where demand continues to outpace supply,” said Vadim Greenberg, head of acquisitions at Faropoint.
A JLL Capital Markets team of Jose Cruz, Michael Oliver, Marc Duval, Jordan Avanzato and Nick Stefans represented Kushner.
- ◦Sale/Acquisition