By Joshua Burd
Faropoint has closed on a deal for more than 30,000 square feet of light industrial space in Lincoln Park, adding to its recent flurry of acquisitions in Morris County.
The firm, which is based in Hoboken, paid an undisclosed price in the off-market deal at 4 Frassetto Way, according to an announcement Thursday. In the process, it bolstered its portfolio with a fully leased, 30,267-square-foot facility with 20- to 21-foot clear ceiling heights and four dock-high doors in an established industrial corridor.
Eric Lewin at Team Resources Inc. brokered the sale of the multitenant property, which was built in 1984.
“We’re pleased to add another fully stabilized light industrial asset to our growing North Jersey portfolio, further strengthening our presence with well-suited, right-sized buildings,” said Orry Michael, Faropoint’s vice president of acquisitions
The firm also cited the role of fellow Northeast team members including Itay Ron, Matthew Bernstein, and Dylan Esquenazi.
NJDG sells 79,000 sq. ft. shallow-bay portfolio in Rockaway to Faropoint, JLL says
