Meridian Capital Group

Faropoint acquires last-mile industrial property in New Jersey for $18 million

March 17, 2022

Real estate investment company Farapoint has acquired a 62,000-square-foot building in Moonachie, New Jersey, for $17.7 million.

Farapoint, which focuses its investments on last-mile industrial properties in high population growth markets, said the property at 121 Moonachie Ave. further strengthens its presence in Northern New Jersey.

“Availability of functional space is limited across Northern New Jersey and the Meadowlands,” said Orry Michael, acquisition associate at Faropoint, in a statement. “This lack of supply and growing demand will continue to lead to future rent growth.”

The deal marks Faropoint’s second major transaction in Northern New Jersey. It recently acquired a 10-building portfolio of properties from Kushner Cos. for $132.5 million.

Faropoint said it had a record-breaking year of activity in 2021. Last year, the firm deployed more than $730 million in 82 separate transactions to acquire 144 industrial buildings totaling 8.5 million square feet across the country.

Hoboken, New Jersey-based Faropoint also has offices in Atlanta, Dallas, Philadelphia, Memphis and Cincinnati, and opened new offices in Miami this year.

Brokers David SchechtmanDavid Benharouch and Ikey Betesh with Meridian Capital Group facilitated the sale of the latest New Jersey property.

Featuring:
David Schechtman
Senior Executive Managing Director
Investment Sales
(212)468-5907
[email protected]
Read Article
Recent Articles | Back to News

‘It’s All About Relationships’: How Nursing Homes Can Navigate Turbulent Financial Times

Article
March 17, 2022

Meridian Closed 75 Retail Leases Over Summer  

Article
March 17, 2022

Multifamily Market a Safe Bet Still Despite Mounting Challenges: Forum

Article
March 17, 2022

Meridian Closed 75 Retail Leases Over Summer  

Article
March 17, 2022

Amish Market Renews Lease at 731 Ninth Avenue

Article
March 17, 2022

BHI Lends $92M on Inwood Resi Tower Project 

Article
March 17, 2022