Faropoint Acquires Bergen County Industrial Parks For $144.5M

1 Pearl Court, 3 Pearl Court, 5 Pearl Court, 7 Pearl Court, 59 New Jersey Highway 17, 16 Mckee Drive, 70 Mckee Drive, 82 Mckee Drive, 91 Mckee Drive & 97 Mckee Drive

$144,500,000

$18/SF

Building Size

7,700,640 SF

Asset Type

Industrial

Closing

Oct 20, 2023

AI

Faropoint has acquired two industrial parks in Bergen County, totaling 770,064 square feet, for a price of $144.5 million. The properties are located at 1-3, 5-7 Pearl Court, 6, 70-82 & 91-97 McKee Drive in the Allendale and Mahwah markets. The industrial parks span a combined 70.2 acres.

Summary of transaction details

Property Type: Industrial
Transaction Amount: $144,500,000
Square Footage: 770,064
Price per Square Foot: $188
Address: 1-3, 5-7 Pearl Court, 6, 70-82 & 91-97 McKee Drive
Market: Allendale & Mahwah

The buyer, Faropoint, led by Adir Levitas, has successfully acquired these industrial parks from the seller, Camber Real Estate Partners, represented by Christopher M. Bellapianta. The transaction was facilitated by the brokerage team at Cushman & Wakefield, including Gary Gabriel, Kyle Schmidt, Ryan Larkin, and Seth Zuidema.

It is worth noting that Cushman & Wakefield represented Camber Real Estate Partners in the sale of the properties to Faropoint for $144.5 million.

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