149 New Dutch Lane in Fairfield — Courtesy: Avison Young
By Joshua Burd
A private equity firm has purchased a nearly 40,000-square-foot industrial property in Fairfield, in a newly announced transaction by Avison Young.
According to the brokerage team, Longpoint Realty Partners LP paid an undisclosed sum for the building at 149 New Dutch Lane. Avison Young Senior Vice President Marc Krieger represented the seller, FP Holdings, while senior vice presidents Matthew Turse and Timothy Cadigan represented the Boston-based buyer.
Turse and Cadigan will also serve as the leasing agents for the 39,800-square-foot property, which includes 30,500 square feet of refrigerated warehouse space.
“The buyer of 149 New Dutch Lane was attracted to the building’s strategic location bordering multiple thoroughfares and the opportunity to bring in a new occupant, which puts them in a favorable position as demand continues to intensify in New Jersey’s industrial market,” Turse said. “Additionally, the building is the only available existing refrigerated space for lease within northern New Jersey and it will appeal to a wide range of warehouse and last-mile users.”
In announcing the deal, Avison Young noted that 149 New Dutch Lane is a single-tenant building with direct access to Interstate 80 and routes 46 and 23, allowing for efficient distribution channels. The property sits on the corner of Fairfield Avenue.