S hopping C enters N ew J ersey /P ennsylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
www.marej.com
Investment manager expands in Northern Bergen County with 10-Building acquisition on 68 acres Faropoint acquires two industrial parks in Northern New Jersey for $144.5 Million
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rare feature in the submarket. The campus is currently 100% leased to seven tenants in industries including technical education and distribution. Both industrial parks have an average tenant tenure of over a decade. “Faropoint’s relationship- centric strategy, reliable fund- ing and use of proprietary data and technology is what allows our investment teams to transact with accuracy and certainty when vetting and underwriting potential deals,” said Adir Levitas , CEO and founder of Faropoint. “The urban infill industrial product we specialize in has gained popularity in recent years due to the sector’s incredibly strong fundamentals, and we look forward to continuing to pursue similar opportunities in supply-constrained markets across the country in the years to come.” Faropoint entered the NNJ market with its first transac - tion in the winter of 2021. Since then, the firm has deployed roughly $300 million in capital across the region. Faropoint’s
• Allendale Shallow-Bay Industrial Park, located at 1-3, 5-7 Pearl Court and 59 Rte. 17 in Allendale, spans 35.1 acres and includes seven industrial buildings totaling 370,064 s/f. • Mahwah Industrial Center at 16, 70-82, 91-97 McKee Dr. in Mahwah is a three-building portfolio totaling 400,000 s/f across 33 acres. Both parks offer direct ac- cess to major throughways including Rte. 17, I-278, I-87, Rte. 208/4, Rte. 202, and the Garden State Pkwy.. Both sites also provide access to the NYC 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 posi- tive market rent growth, leas- ing velocity and compelling fundamentals that make it a vital area for investment,” said Orry Michael , Faro- point director of acquisitions in Greater NY. “Faropoint has and continues to recognize a compelling opportunity within the light industrial and shal- low bay arena, distinguishing
itself from the conventional larger box industrial develop- ments prevalent in the NYC metro and Northern New Jer- sey (NNJ) industrial markets. These high-quality buildings offer much-needed flexibility, divisibility, and functionality desired by a broad spectrum of infill and last-mile users seen in the market today.” • Allendale Shallow-Bay Industrial Park, built in the 1970s-80s, is core-plus real estate with unique shallow bay design that offers divisibility and functionality sought by a diverse array of infill and last- touch users in the NNJ area. Its accommodating design and shallow bay product allows for greater leasing flexibility, re - sulting in higher rental rates. The park is currently 100% leased to 18 tenants spanning a variety of industries. • Mahwah Industrial Center was built in the 1960s with strong lease terms in place that provide steady cash flow at an attractive basis. The center offers an abundance of parking – 1,463 spaces total – an extremely desirable and
success in the highly competi- tive Northern New Jersey in- dustrial market is a testament to the firm’s demonstrated ex - ecution capabilities amid recent economic disruptions. “The fact that both facilities are 100% leased to reputable, credit-worthy tenants of- fers an opportunity to gener- ate sustainable long-term returns, aligning perfectly with our investment strategy which emphasizes growth and stability at an irreplaceable basis,” said Itay Ron , North- east Market Office at Faro - point. “These industrial parks offer a unique combination of flexible warehouse space in a central location that serves a range of high value tenants in the Northern New Jersey region. We look forward to continuing to strengthen our relationship with the owners and operators who serve this region in the future.” Cushman & Wake- field’s Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema facilitated the transaction, representing the sellers. MAREJ
ORTHERN BERGEN COUNTY, NJ — Faro- point announced it
has acquired two indus- trial parks in Allendale and Mah- wah totaling 770,064 s/f. The indus- trial centers, located in the North
Orry Michael
Bergen County submarket, were acquired for a combined $144.5 million.
NOVEMBER 2023
NAI DiLeo-Bram & Co. arranges $21 Million industrial property sale HI-LIGHTS
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3025 JFK Boulevard and 3151 Market Street transforms Philadelphia Skyline Brandywine Realty Trust and Drexel University celebrate major project milestones in Schuylkill Yards
SPOTLIGHT
space, 18,000 s/f of retail and amenity space, and 6,000 s/f of terrace space. Designed by leading lab architect Gensler , 3151 Market features 39,000 s/f floor plates and a flexible 33’x45’ structural bay to accom- modate a diverse range of life science end-users. The building will provide substantially high- er base building technology and infrastructure at delivery than industry and market standard including higher lab capacity, hazardous exhaust including in base building, chilled and con- denser water loops, dedicated trash dock, increased elevator capacity, and more. Designed to LEED Platinum and WELL Sil- ver, 3151 Market also features a shared conference and event center with connected eco- terrace and balconies. MAREJ
PHILADELPHIA, PA — Brandywine Realty Trust , in partnership with Drexel University celebrated the opening of 3025 JFK Blvd. and the topping out of 3151 Market, the first two ground-up build - ings in the 14-acre Schuylkill Yards master plan. 3025 JFK Blvd is the first ground-up project in Schuylkill Yards. Developed in partner- ship with Gotham Organiza- tion , the 28-story tower deliv- ers 200,000 s/f of life science and office space, 326 luxury residences at Avira, and 9,000 s/f of ground-floor retail. The office portion of the building features large, flexible 29,400 s/f floor plates with 16-ft. ceiling heights, state-of-the-art me- chanical and building systems, and ventilation for fresh air
Central New Jersey
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Gladstone, of NAI CIR, sells 17,130 s/f Harrisburg office
Brandywine Realty Trust, in partnership with Drexel University celebrated the opening of 3025 JFK Blvd and the topping out of 3151 Market.
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intake, filtration, and circula - tion that provide the optimal environment for both lab and research space and collabora- tive office spaces. The building is designed by global architecture firm Prac- tice for Architecture and Urbanism (PAU) with HDR,
Inc. as the executive architect and interior design by Cetra- Ruddy . 3151 Market is a fully dedi- cated life science building. Under construction and slated for completion in 2024, 3151 Market will deliver 417,000 s/f of best-in-market lab and office
ALSO INSIDE
www.marej.com CREW New Jersey............ 8B Pennsylvania..............9-BC-B People on the Move....... 12B
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