300 Forge Way in Rockaway — Courtesy: Mapletree Investments Pte Ltd
By Joshua Burd
Mapletree Investments Pte Ltd has sold a 1.8 million-square-foot industrial portfolio, including more than 270,000 square feet in New Jersey, to Faropoint for $328 million.
According to the firm, the Garden State assets include 100, 200, 300 and 400 Forge Way in Rockaway and 321 Richard Mine Road in Wharton. They’re among more than 30 shallow-bay warehouses in the portfolio — alongside properties in Florida, Georgia, Pennsylvania and Texas — that changed hands in one of the largest transactions for both firms.
Mapletree has divested the assets from its Mapletree US & EU Logistics Private Trust, a closed-end private fund launched in 2019 with American and European properties totaling $4.3 billion in assets under management, representing the successful first phase of exit for investors.
“Mapletree remains bullish on the long-term potential of the U.S. industrial market,” Mapletree U.S. CEO Richard Prokup said. “This transaction represents our first large-scale warehouse divestment in the U.S. — a milestone that unlocks capital for reinvestment in new opportunities that align with our conviction in this sector.
“We are pleased to have successfully closed this transaction with Faropoint. This achievement is a testament to the collaboration and hard work of all parties involved.”
The firms noted that the portfolio includes 262 assets that are well-connected to transportation nodes and benefit from robust demand across sectors including ecommerce, third-party logistics and consumer products. They were among more than 70 million square feet of industrial assets across the U.S. that Mapletree owns and manages, part of a portfolio that touches the logistics, data center, office, student housing and multifamily sectors.
John E. Huguenard and Trent Agnew of JLL represented Mapletree in the transaction.
“This portfolio is a strategic addition to our platform and reinforces Faropoint’s conviction in the long-term fundamentals of infill industrial real estate,” said Ohad Porat, chief investment officer at Hoboken-based Faropoint. “It advances the scale and discipline we apply to our investment strategy as we continue growing across key U.S. logistics corridors.”
Faropoint’s acquisition comes as the firm continues its expansion, having recently launched its Industrial Value Fund IV with a $1 billion target after closing Fund III at $916 million in 2024, including co-investments, above its $750 million target, the news release said. The firm has also recently expanded geographically with a new West Coast office.
What’s more, the Mapletree portfolio represents one of Faropoint’s largest transactions aligned with its strategy of leveraging its proprietary acquisition platform, FarOS, and an AI platform known as REXy to optimize portfolio construction of urban logistics properties in high-density, supply-constrained markets.
“This transaction demonstrates our ability to execute complex, multimarket acquisitions with speed and precision,” said Yannai Gordon, a senior vice president at Faropoint. “It was a pleasure working with Mapletree — an institutional and highly professional counterparty — on a portfolio defined by high-quality assets in competitive logistics markets.”
