Faropoint Acquires Bergen County Industrial Parks For $144.5M

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.