Faropoint, a leading real estate investment firm focused on last-mile industrial properties in high population growth markets, on Wednesday announced it acquired 121 Moonachie Ave. — a 62,000-square-foot building in Moonachie — for $17.7 million.
“Northern New Jersey remains an attractive and competitive market for industrial investment, as the need for last-mile logistics and distribution centers near large population centers continues to rise,” said Orry Michael, acquisition associate at Faropoint. “Availability of functional space is limited across northern New Jersey and the Meadowlands. This lack of supply and growing demand will continue to lead to future rent growth.”
This deal marks Faropoint’s second major transaction in Northern New Jersey. The firm recently acquired a 10-building portfolio of properties from Kushner Cos. for $132.5 million.
Faropoint told ROI-NJ earlier this year that more deals in the greater New York City market could be coming.
“Northern Jersey is our backyard,” Itay Ron, Faropoint’s senior vice president, Northeast market leader, said at the time. “Our U.S. headquarters are in Hoboken. It makes a lot of sense for us to buy in the greater New York metro area.”
Read more from ROI-NJ:
- Faropoint, the real estate investment firm that loves Class B industrial, gobbling up South Jersey properties
- Faropoint planning North Jersey property push
One of the most active buyers of last-mile industrial properties across the U.S., Faropoint’s latest acquisition comes on the heels of a record-breaking year of activity in 2021. During that time, 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.
The property at 121 Moonachie Ave. is located within close proximity to the high barrier-to-entry New York metropolitan area and provides easy access to Interstates 80 and 95. Brokers David Schechtman, David Benharouch and Ikey Betesh with Meridian Capital Group facilitated the sale.
“We loved working with the team at Faropoint to facilitate this transaction,” Benharouch said. “This deal is a great example of Faropoint’s execution capabilities and readiness to move faster than their peers to secure deals that fit their last-mile strategy.”
“Our goal, across all the markets that we are active in, is to provide feedback regarding any given opportunity within 24 hours from initial outreach,” said Vadim Greenberg, head of acquisitions at Faropoint. “We are able to do so, thanks to our proprietary in-house technology platform that aggregates and manages our deal pipeline using demographic scoring, industrial market analysis, satellite analysis and credit analysis.”
Faropoint has existing offices in Atlanta, Dallas, Philadelphia, Memphis, Cincinnati and Hoboken, and recently opened new offices in Miami this year.
