Faropoint acquires two industrial parks in New Jersey for $144m
Faropoint has acquired two industrial parks in Allendale and Mahwah, N.J., totaling 770,064 square feet. The industrial centers, located in the North Bergen County submarket, were acquired for a combined $144.5 million.
The assets are Allendale Shallow-Bay Industrial Park, which spans 35.1 acres and includes seven industrial buildings totaling 370,064 square feet, and Mahwah Industrial Center, a three-building portfolio, totaling 400,000 square feet across 33 acres.
Both parks offer direct access to major throughways including Route 17, I-278, I-87, Routes 208/4, Route 202 and the Garden State Parkway. Both sites also provide access to the New York City metropolitan area and the New York/New Jersey ports.
“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,” said Orry Michael, Faropoint