Faropoint Buys 10 Building Last Mile Logistics Portfolio from Kushner Companies
Posted on 12/28/2021
On December 22, 2021, real estate investment firm Faropoint acquired a 10-building portfolio located throughout Northern New Jersey from Kushner Companies for US$ 132.5 million, as part of the company’s continued national expansion.
Faropoint is in expansion mode. The company has existing offices in Atlanta, Dallas, Philadelphia, Memphis, Cincinnati, and Hoboken, NJ, and opened new offices in Chicago and Miami this year. In 2021 alone, Faropoint has acquired 148 buildings totaling nearly 9 million square feet in 85 separate transactions.
The properties in Faropoint’s newly acquired portfolio are located within in-fill areas throughout Bergen and Morris Counties and represent a combined 654,633 rental square feet. The portfolio is currently 98% leased to a variety of national and local tenants, spanning industries such as healthcare, biotechnology, distribution, and adjacent community service providers.
The portfolio is comprised of the following assets:
125 Algonquin Parkway, Whippany, NJ
145 Algonquin Parkway Whippany, NJ
156 Algonquin Parkway Whippany, NJ
30 Leslie Court Whippany, NJ
17-01 Pollitt Drive, Fair Lawn, NJ
19-05 Nevins Road, Fair Lawn NJ
128 Bauer Drive Oakland, NJ
40 Potash Road, Oakland, NJ
5 Thornton Road, Oakland, NJ
95 Bauer Drive, Oakland, NJ
JLL’s team representing the seller also included Senior Managing Director Jose Cruz, Managing Director Michael Oliver, Senior Director Jordan Avanzato and Director Nick Stefans.
In August 2021, Faropoint purchased a 43,538 square foot industrial facility on 2.5 acres located at 900 Business Center in Mount Prospect, Illinois.