200 and 300 Roundhill Drive in Rockaway — Courtesy: JLL
By Joshua Burd
Faropoint has acquired a nearly 79,000-square-foot portfolio of shallow-bay industrial property in Rockaway Township, in a newly announced deal by JLL.
The listing team said the buildings, 200 and 300 Roundhill Drive, were fully leased at the time of the sale by North Jersey Development Group. The facilities were built in 1987 and 1990, occupying a combined 10.7 acres just off Interstate 80 at Exit 37 and seven miles from the Interstate 287 interchange, providing tenants with easy access to the densely populated New York metropolitan area and more than 8.1 million consumers within a 60-minute drive.
JLL managing directors Nicholas Stefans and Jason Lundy and Senior Analyst Luke Ceccoli represented the seller. Terms were not disclosed.
“The shallow-bay industrial sector continues to be one of the most sought-after sub-asset classes due to the lack of availability, minimal development pipeline and increasing tenant demand,” Stefans said. “Faropoint’s presence within the submarket gave them a competitive advantage in understanding market fundamentals and providing a seamless execution.”
In a news release, JLL said the 72,908-square-foot portfolio is home to six tenants in the manufacturing, light industrial and warehousing distribution industries with an average tenure of 15 years. Both properties have 20-foot clear ceiling heights with separate loading and functional layouts and units ranging from some 5,000 to 24,000 square feet.
