Faropoint, a leading real estate investment firm focused on last-mile industrial properties in high-population-growth markets, has acquired the property at 153 Bauer Drive from Oakland Management and plans to retain it as a industrial investment property.
The CBRE Tri-State Investment Properties team of Elli Klapper, Jeremy Wernick, Mark Silverman and Charles Berger, together with CBRE’s Mark Trevisan, Kevin Dudley, Nick Klacik and Chad Hillyer, represented Faropoint – whose US headquarters is in Hoboken – in negotiations.
“The sale of this property represents one of many industrial transactions our team has completed in New Jersey over the past few months, again demonstrating the dominance of the industrial market in New Jersey,” Wernick said. “Across the region, and especially in today’s tumultuous market, industrial properties are in high demand due to ongoing supply chain shortages and the need for warehouses and distribution centers.”
“More than ever, investors are recognizing the critical need for these types of properties, whether existing or new,” Klapper added. “There has been a paradigm shift in the market, as investors and developers see the long-term value of industrial products like this, with excellent proximity to vehicular transportation veins and major ports, and they looking to expand their long-term portfolios – term stability and future growth.
153 Bauer Drive is located minutes from Interstate 287, which provides direct access to major arteries in New Jersey, New York and Port Newark/Elizabeth. Its last mile distribution location is close to the fastest growing consumer markets in the Northeast.
“This was a strategic acquisition made by our team to expand our presence in northern New Jersey, where we already have significant equity interests,” said Orry Michael, director of acquisitions for Faropoint, Northeast. “High barriers to entry continue to stifle Class A development in Bergen’s North West submarket due to constraints on readily available land zoned for industrial use. The region is experiencing growing demand and significant growth in rental rates as tenants seek a functional, high quality product. We expect market fundamentals to remain strong, despite some of the volatility seen in other market segments. »