Newmark closes $300 million Fairfells Logistics deal

Deal is largest industrial transaction in Northern N.J. for 2024

Construction site crane building a blue 3D text. Part of a series.

Newmark announced it has closed what is believed to be the largest industrial transaction in Northern New Jersey in 2024 with a $300 million recapitalization of Fairfells Logistics Portfolio.

The Fairfalls portfolio, totaling 1.35 million square feet of light industrial space, consists of 30 strategically located buildings with an average building size of 45,000+/- square feet, spanning Fairfield, Little Falls, Elmwood Park and Carteret.

The portfolio, which is currently 92% leased, provides critical mass and operational efficiency within the regional port-centric market, offering unparalleled accessibility to major Northeast corridors and a broad user base. Most of the Portfolio is concentrated in Fairfield, providing direct access to critical highways such as I-80 and Route 46.

Newmark Executive Managing Director Kevin Walsh, Managing Director Brian Schulz and Global Head of Industrial and Logistics Jack Fracker strategically advised The Hampshire Companies on the deal and procured the joint venture equity partner.

With the closing of this transaction, the firm’s Industrial Capital Markets group based in New Jersey has successfully closed a combined $1.1 billion in total transaction volume of 2024.

“We are excited about the strong momentum and significant transactions the Team has executed over the last year and building upon the partnership with our clients and industrial capital markets collaborators in the Northeast,” Welsh said.

“Our track record reflects the strength of our market position, and we’re looking forward to reaching even greater milestones in the year ahead.”

Northern New Jersey remains a prime location for industrial real estate, benefiting from a deep and dense labor pool, excellent regional highway infrastructure and status as a gateway to the largest metropolitan population base in the country and the ports of New York and New Jersey, the second-largest port complex in the U.S. in terms of annual TEU volume. The region has attracted substantial investment and interest from domestic and international investors.