Hoboken-based real estate investment manager Faropoint on Friday said it plans to develop Joyce Kilmer Logistics Center, a two-building Class A industrial development totaling approximately 195,421 square feet in New Jersey’s Exit 9 submarket.
The project, which is being executed in partnership with Deugen Development, a fourth-generation New Jersey developer with an extensive market presence, addresses the market’s growing demand for smaller industrial spaces in this strategic location.
Cole Schotz is advising on the acquisition of the land and the development. The Cole Schotz team is led by member Jonathan Goodelman, and includes member Emily Lamond, associate Inga Caldwell and paralegal Rosanne Cohen.
Located minutes from I-95, U.S. Route 1 and Route 28, the state-of-the-art development will feature two 36’ clear, rear-loaded industrial facilities designed to meet modern logistics requirements with 32 total loading positions. The Class A buildings will offer industry-leading clear heights and ample loading positions, tailored to meet the robust demand for new industrial product under 100,000 square feet in this growing submarket.
“The Joyce Kilmer Logistics Center exemplifies our commitment to delivering strategic industrial assets in supply-constrained markets,” Orry Michael, director of acquisitions at Faropoint, said. “Our data analytics and market view indicate significant unmet demand for smaller, modern industrial facilities in this submarket. This project, with its prime location and state-of-the-art specifications, is uniquely positioned to meet that demand while providing long-term value for our investors.”
The development received final site plan in June and construction is expected to commence in early 2025, with delivery scheduled for Q4 2026.
“This project showcases our ability to identify and execute on unique development opportunities that are accretive to our institutional fund’s composition” Itay Ron, SVP, Northeast market officer said. “By combining our data driven approach with strong local partnerships, we continue to expand our capabilities while maintaining our focus on creating value for our investors.”
“Our longstanding presence in the New Jersey market, combined with Faropoint’s innovative approach to industrial real estate and proven ability to execute, creates a powerful partnership,” Eric Gormeley, CEO at Deugen Development, said. “The Joyce Kilmer Logistics Center represents the type of strategic development that leverages both companies’ strengths to deliver a product that meets the evolving needs of today’s industrial users.”
