Industrial property

Faropoint Acquires 62,000 Square Foot Last Mile Industrial Property in Meadowlands for $17.7M

Faropointa leading real estate investment firm focused on last-mile industrial properties in high-population-growth markets, announced Wednesday the acquisition of 121 Moonachie Ave. – a 62,000 square foot building in Moonachie – for $17.7 million.

“Northern New Jersey remains an attractive and competitive market for industrial investment as the need for last-mile logistics and distribution centers near major population centers continues to grow,” said Orry Michael, associate acquisitions at Faropoint. “Functional space availability is limited in Northern New Jersey and the Meadowlands. This lack of supply and growing demand will continue to drive future rental growth.

This agreement marks Faropoint’s second major transaction in northern New Jersey. The company recently acquired a portfolio of 10 properties of KushnerCos. for $132.5 million.

Faropoint told ROI-NJ earlier this year that more transactions in the greater New York market may be forthcoming.

“Northern Jersey is our backyard,” said Itay Ron, senior vice president of North East market leader Faropoint, at the time. “Our US headquarters is in Hoboken. It makes perfect sense for us to buy in the greater New York metropolitan area. »

One of the most active purchasers of last-mile industrial properties in the United States, Faropoint’s latest acquisition follows a record year of activity in 2021. During that time, the company has deployed 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 near New York’s high-barrier-to-entry metropolitan area and offers easy access to Interstates 80 and 95. Brokers David Schechtman, David Benharouch and Ikey Betesh with Meridian Capital Group facilitated the sale.

“We loved working with the Faropoint team to facilitate this transaction,” Benharouch said. “This deal is a great example of Faropoint’s execution capabilities and willingness to move faster than its peers to secure deals that align with its last mile strategy.”

“Our goal, in all markets we operate in, is to provide feedback on any given opportunity within 24 hours of initial outreach,” said Vadim Greenberg, head of acquisitions at Faropoint. “We are able to do this, thanks to our proprietary in-house technology platform which aggregates and manages our deal pipeline using demographic scoring, industry market analysis, satellite analysis and a credit analysis.”

Faropoint has existing offices in Atlanta, Dallas, Philadelphia, Memphis, Cincinnati and Hoboken, and recently opened new offices in Miami this year.