5 Vreeland Road in Florham Park — Courtesy: CBRE
By Joshua Burd
Faropoint has acquired a nearly 51,000-square-foot production and warehouse facility in Florham Park for $9.25 million, brokers with CBRE announced this week.
In a news release, the listing team said it represented the Ilaria Family Trust in the transaction at 5 Vreeland Road, the former home of the trophy maker Tropar Manufacturing Co. Faropoint is now upgrading the 50,600-square-foot building and will make space available in early September.
CBRE’s Tom Mallaney, Elli Klapper and Denise Kokulak marketed the office, production and warehouse facility and procured the buyer.
“When we began this assignment, we realized this was a unique opportunity for an industrial/warehouse user or investor to acquire a very clean, well-maintained building in eastern Morris County,” Mallaney said. “The market’s very positive responses to the offering allowed us to complete the assignment within just seven months.”
Brokers with CBRE are also marketing the property for lease on the new owner’s behalf, noting that it has convenient access to several key highways and the Madison and Chatham train stations. The 49-year-old building was the longtime home of Tropar Manufacturing Corp., the creator of Airflyte products that have served as affordable, high-quality recognition awards since 1959, before the company was sold to JDS Corp. last September.
