Faropoint spends $145M to pad NJ industrial portfolio
Firm picks up two campuses from Camber Real Estate Partners
Faropoint has found another opportunity in the Garden State’s industrial real estate fray.
The Israel- and New Jersey-based investment firm, led by Adir Levitas, acquired two industrial campuses in Bergen County for a combined $144.5 million, Commercial Property Executive reported. The properties are a combined 770,000 square feet and were last owned by Christopher Bellapianta’s Camber Real Estate Partners, based in Montclair.
One is the 370,000-square-foot Allendale Shallow-Bay Industrial Park, which has seven buildings across 35 acres and last sold for $50.5 million in 2018 to a joint venture of Camber, Advance Realty and AIG. Its 18 tenants include Bandai America. It’s located about 30 miles from New York City.
The Mahwah Industrial Center’s three buildings span 400,000 square feet. The industrial complex, also 35 acres, was acquired by Camber and Advance in 2019 for $40.5 million.
The Mahwah center is five miles from the Allendale property and 33 miles from New York City. Like the Allendale property, the Mahwah site is fully leased, counting Prestige Toyota among its tenants.
Cushman & Wakefield’s Gary Gabriel and Kyle Schmidt brokered the deal.
Faropoint has been active in New Jersey’s industrial market, one of the nation’s largest. Last year, it bought a last-mile logistics center in the Meadowlands for $17.7 million from Triangle Services, which had paid $11.5 million only 15 months before.
In late 2021 Faropoint acquired a 10-building industrial portfolio in Bergen and Morris counties from $132.5 million from Kushner Companies. The last-mile property portfolio spanned more than 654,000 square feet and was 98 percent leased.
The New Jersey industrial market took off during the pandemic as e-commerce retailers tried to get closer to their consumers, particularly New York City residents. The market has since cooled, but has rebounded from a soft second quarter. In the third quarter, leasing activity in Northern and Central Jersey increased 31 percent from the previous three-month period and 19 percent year-over-year, according to CBRE.
— Holden Walter-Warner