ALLENDALE AND MAHWAH, N.J. — Regional investment firm Faropoint has purchased a two-property industrial portfolio in Northern New Jersey for $144.5 million. The portfolio consists of 10 buildings totaling 770,064 square feet across a combined 68 acres.
Built in phases in the 1970s and 1980s, Allendale Shallow-Bay Industrial Park consists of seven industrial buildings totaling 370,064 square feet on a 35.1-acre site. The development, which offers dedicated dock-high loading for each unit and 985 total parking spaces, was fully leased at the time of sale to a roster of 19 tenants.
Built in the 1960s, Mahwah Industrial Center comprises three buildings totaling 400,000 square feet across 33.2 acres. The complex features a total of 23 drive-in doors, as well as clear heights of 16 feet and parking for 1,463 cars. Mahwah Industrial Center was 91 percent leased to seven tenants at the time of sale.
Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, a joint venture between Camber Real Estate Partners and Advance Realty, in the transaction.
“North Bergen County is one of the tightest industrial submarkets in the state and continues to demonstrate positive market rent growth, leasing velocity and compelling fundamentals that make it a vital area for investment,” says Orry Michael, Faropoint’s director of acquisitions in greater New York. “These high-quality buildings offer much-needed flexibility, divisibility and functionality desired by a broad spectrum of infill and last-mile users in the market today.”
“This assemblage of properties in Allendale and Mahwah complements each other with varying unit sizes, loading and overall functionality, allowing ownership to attract a wide variety of user types. The success of both portfolios is evidenced by record rental rates and leasing velocity year-to-date,” adds Schmidt.
— Taylor Williams