27-35 Franklin Turnpike in Mahwah — Courtesy: Cushman & Wakefield
By Joshua Burd
Alexander Properties has sold a nearly 124,000-square-foot industrial portfolio in northern New Jersey to Faropoint, the fast-growing real estate investment manager based in Hoboken.
Brokers with Cushman & Wakefield represented the seller in the transaction, which includes a 67,170-square-foot property at 27-35 Franklin Turnpike in Mahwah that is fully leased to Beacon Roofing Supply. The second building, located at 90 New Dutch Lane in Fairfield, is a 56,651-square-foot facility that is the headquarters for Precision Textiles.
Cushman’s Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema listed the property. Terms were not disclosed.
“This portfolio offered a unique opportunity for Faropoint to acquire two well-positioned assets with significant value-add potential in highly desirable New Jersey submarkets,” Gabriel said. “Both properties are situated in ideal infill locations with high barriers to entry and direct access to major transportation corridors.”
The brokerage team announced the deal Wednesday while noting that Beacon Roofing Supply has a long-term lease at 27-35 Franklin Turnpike. The site, reconstructed in 2020, includes 1.3 acres of excess yard area, offering future flexibility.
The Fairfield property, meantime, has excess yard space for parking and trailer storage.
“Both Mahwah and Fairfield represent strategic micro-locations within our broader aggregation play across northern New Jersey,” said Orry Michael, vice president for Northeast acquisitions at Faropoint. “We’re selectively expanding our footprint in submarkets where we have seen strong tenant demand, limited supply, and long-term stability.”
Itay Ron, Faropoint’s Northeast market officer, added: “These acquisitions reinforce our disciplined approach to high-quality Northeast assets. Each property offers compelling fundamentals in supply-constrained markets where we continue to see potential strong value-add opportunities.”
