Hoboken-based Faropoint announced on Wednesday that it acquired 9.18 acres of land in Greenwich for a new development project. The off-market acquisition, located at Block 255, Lot 1.02 on Swedesboro Road, aligns with Faropoint’s strategy of identifying opportunities in key logistics markets.
Faropoint plans to develop a 73,800 square foot Class A industrial property on the site, featuring state-of-the-art specifications including 1,600 amps of 480v power, 15 loading positions, 2 drive-in doors, ESFR sprinkler systems, and a 32′ clear height. Faropoint has secured final site plan approval for the project.
“We are excited to add a ground-up development project to our acquisition pipeline in the Northeast. This project showcases our versatile capabilities as a value-add fund, capitalizing on opportunities across the capital spectrum. Over the past few years, South Jersey has seen a glut of new industrial development, but with very few properties delivered under 75,000 SF. We believe there is a large unmet demand for smaller free-standing buildings in the area and we will continue to look for more opportunities to deliver these projects on behalf of our investors,” Benjamin Wachs, senior acquisitions associate at Faropoint, said.
This development in the Southern New Jersey/Greater Philadelphia market demonstrates Faropoint’s commitment to expanding its portfolio with strategically located, high-quality industrial assets. In a market where finding supply with supporting fundamentals is challenging, Faropoint’s deep local presence has been key to uncovering these opportunities. Leveraging its expertise in last-mile logistics and proprietary sourcing platform, the firm continues to identify and capitalize on market gaps in key logistics areas, maintaining a competitive edge in the market.
Wendy Banscher from Fox & Roach represented the sellers in the transaction, while Faropoint did not use a broker.
