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Faropoint Acquires Two Industrial Properties In Ridgefield For $28.3M

Property Image
SOLD
$28,300,000
Frank Costa III
Jim Isbell
Brian Sherlock
+ 2

New Jersey

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Industrial113,979 SF
Sold 04/25/2023
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Property Image
SOLD

Faropoint Acquires Two Industrial Properties In Ridgefield For $28.3M

1145 Edgewater Ave & 1125 Hendricks Causeway

See Similar Deals
Industrial113,979 SF
Sold 04/25/2023
Frank Costa III
Jim Isbell
Brian Sherlock
+ 2
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$248
Total Square Footage:113,979 SF
Transaction Type:Sale

An industrial property located at 1145 Edgewater Ave & 1125 Hendricks Causeway in Ridgefield has been sold for a price of $28.3 million. The property, spanning 113,979 square feet, is classified as a Class B industrial asset. It is situated in the Meadowlands area with convenient access to major transportation hubs.

Summary of Transaction Details

  • Property Type: Industrial
  • Transaction Amount: $28,300,000
  • Address: 1145 Edgewater Ave & 1125 Hendricks Causeway
  • Market: Ridgefield
  • Size: 113,979 square feet

The buyer of this industrial property is Faropoint, represented by Orry Michael and Itay Ron. The transaction was facilitated by brokers Frank Costa III, Jim Isbell, and Brian Sherlock from Viewpoint Advisors.

It is worth noting that the property is currently occupied by Biazzo Dairy Products, a privately held dairy products manufacturer. Biazzo Dairy Products has been operating from these buildings for over 30 years.

Players

Frank Costa III
Viewpoint Advisors
Frank Costa III
1 deal$28.3M volume
BROKER
Jim Isbell
Viewpoint Advisors
Jim Isbell
1 deal$28.3M volume
BROKER
Brian Sherlock
Brian Sherlock
1 deal$28.3M volume
BROKER
Orry Michael
Faropoint
Orry Michael
10 deals$246.4M volume
BUYER
IR
Faropoint
Itay Ron
3 deals$54.8M volume
BUYER

Details

SOLD
IMAGE: Frank Costa III & Jim Isbell DATE: 04/25/2023 ADDRESS: 1145 Edgewater Ave & 1125 Hendricks Causeway MARKET: Ridgefield ASSET TYPE: Industrial BUYER: Faropoint - Orry Michael & Itay Ron BROKERS: Frank Costa III, Jim Isbell & Brian Sherlock - Viewpoint Advisors SALE PRICE: $28,300,000 SF: 113,979 ~ PPSF: $248 NOTE: Faropoint has completed its acquisition of two Class B industrial properties for $28.3m. The two buildings, totaling 113,979 square feet, are occupied by Biazzo Dairy Products, a privately held dairy products manufacturer that has operated from the properties for more than 30 years, and are located in the Ridgefield submarket in the Meadowlands, with easy access to major transportation hubs.

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Deal Type
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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$100,543.92
Cash-on-Cash Return-1.27%
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