Faropoint, an industrial real estate investment manager targeting shallow bay industrial properties, has acquired a three-building, 182,255-square-foot light-industrial portfolio in Carlstadt, New Jersey, for $44.3 million. It is Faropoint’s fifth Meadowlands transaction through Value Fund IV.
The three buildings sit within a quarter mile of one another in the Meadowlands submarket, a compact cluster that averages a 20-minute drive from Midtown Manhattan. “Few submarkets combine constrained supply, deep tenant demand, and direct access to the New York metro consumer base the way the Meadowlands does. Our fifth asset here through Value Fund IV reflects our conviction in the market and our ability to source and execute on institutional-quality, shallow-bay product in a competitive environment,” says Orry Michael, Vice President of Acquisitions. The portfolio reaches approximately 1.6 million people within a 20-minute drive and sits about 25 minutes from Newark Liberty International Airport and 15 miles from Port Newark.
The portfolio comprises 400 Gotham Parkway (57,975 square feet), 223 Veterans Boulevard (40,112 square feet), and 190 Jony Drive (84,168 square feet). At closing, all three buildings were 100% leased to an established base of four tenants: two at 190 Jony Drive and one each at 400 Gotham Parkway and 223 Veterans Boulevard. The weighted average lease term was approximately 5.5 years. “These three Meadowlands assets check every box for us. Long WALT provides durable, predictable cash flow, the in-place yield is healthy from day one, and the buildings meaningfully raise the overall quality of our portfolio in one of the tightest, most supply-constrained industrial submarkets in the country,” said Matthew Bernstein, Director of Acquisitions.
Faropoint thanks the CBRE team that represented the seller: Brian Fiumara, Vice Chairman of CBRE National Partners, along with Daniel Sarmiento, Charlotte Sands, and Elli Klapper.
For more information, contact Ori Regev, SVP, Head of Product Strategy & Research at ori@faropoint.com.
About Faropoint
Faropoint is a tech-enabled, vertically integrated real estate investment manager specializing in urban logistics within the US industrial sector. With approximately 150 employees, Faropoint leverages data and deep market relationships to address inefficiencies in the industrial real estate market. The firm operates in 16 key US markets, securing off-market deals through its extensive broker network and strong local presence. Since its inception in 2012, Faropoint has acquired over 600 warehouses and manages more than $4.9 billion in assets, including uncalled commitments. For more information, visit Faropoint.com.
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