121 Moonachie Ave. in Moonachie — Courtesy: Faropoint
By Joshua Burd
Investment firm Faropoint has acquired a 62,000-square-foot industrial building in Moonachie, in a newly announced deal valued at nearly $18 million.
The trade of 121 Moonachie Ave., which involved an undisclosed seller, adds to the company’s fast-growing real estate portfolio in both the Garden State and nationally. The investor completed its largest northern New Jersey transaction to date only about three months ago, acquiring a 10-building, 654,633-square-foot portfolio from Kushner Cos. for $132.5 million.
“Northern New Jersey remains an attractive and competitive market for industrial investment, as the need for last-mile logistics and distribution centers near large population centers continues to rise,” said Orry Michael, an acquisition associate at Faropoint. “Availability of functional space is limited across northern New Jersey and the Meadowlands. This lack of supply and growing demand will continue to lead to future rent growth.”
Meridian Capital Group’s David Schechtman, David Benharouch and Ikey Betesh brokered the
$17.7 million sale of 121 Moonachie Ave., which provides quick access to interstates 80 and 95 and the coveted New York metro population.
“We loved working with the team at Faropoint to facilitate this transaction,” Benarouch said. “This deal is a great example of Faropoint’s execution capabilities and readiness to move faster than their peers to secure deals that fit their last-mile strategy.”
The transaction also follows a banner year for Faropoint, which has an office in Hoboken. The firm in 2021 deployed more than $730 million in 82 separate deals nationwide, acquiring 144 industrial buildings totaling 8.5 million square feet.
Faropoint also has established offices in Atlanta, Dallas, Philadelphia, Memphis and Cincinnati, along with a newly opened outpost in Miami.
“Our goal, across all the markets that we are active in, is to provide feedback regarding any given opportunity within 24 hours from initial outreach,” said Vadim Greenberg, head of acquisitions at Faropoint. “We are able to do so thanks to our proprietary in-house technology platform that aggregates and manages our deal pipeline using demographic scoring, industrial market analysis, satellite analysis and credit analysis.”
Faropoint buys 655,000 sq. ft. North Jersey industrial portfolio from Kushner for $133 million
