Hoboken’s Faropoint is making moves to expand across the nation. But that doesn’t mean that it’s not extending its reach in the Garden State, as well — particularly as New Jersey’s industrial sector continues its boom.
On April 6, NAI Mertz announced it completed the sale of an approximately 140,000-square-foot Delanco industrial building to Faropoint.
An NAI Mertz team of Senior Vice President Jonathan Klear, Vice President Roy Kardon, Senior Vice President Jeff Licht, Senior Associate Jared Licht and Executive Vice President, Corporate Services Fred Meyer represented both the unnamed seller and buyer in the transaction. The team also handled the long-term leaseback of the space to the tenant-in-place, Stylex Seating.
The Coopertown Road property is 30 minutes from center city Philadelphia with close proximity to Route 130.
According to NAI Mertz, Klear and the team were able to identify attractive properties with existing income for the investor client, while appealing to the seller’s interest on pricing. “We were pleased to assist Faropoint in adding this asset to their portfolio of industrial properties with the leaseback serving as an added bonus,” Klear said in a statement.
Real estate investment firm Faropoint focuses on last mile industrial properties. At the end of 2021, the company acquired a 10-building portfolio in North Jersey from Kushner Cos. for $132.5 million. At the time, Faropoint Head of Acquisitions Vadin Greenberg said the company had been keeping an eye on North Jersey’s industrial activity, “and we believe that this market is well-positioned to capture future growth as some of the core locations in the New York metro area have experienced unprecedented rent growth during the last twelve months.”
Last year, the same NAI Mertz team represented Faropoint in its purchase a 61,000-square-foot industrial building in Mount Laurel.