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.