Faropoint Acquires 182,255 SF Industrial Portfolio In Carlstadt For $44.3M

Faropoint acquired a three-building light-industrial portfolio located at 400 Gotham Parkway, 223 Veterans Boulevard, and 190 Jony Drive in Carlstadt, New Jersey, for a total of $44.3 million. The portfolio encompasses a total square footage of 182,255 and achieved a price per square foot of $243. At the time of closing, the properties were fully leased to four tenants, boasting a weighted average lease term of around 5.5 years.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $44,300,000
• Square Footage: 182,255
• Price Per Square Foot: $243
• Location: 400 Gotham Parkway, 223 Veterans Boulevard & 190 Jony Drive, Carlstadt, NJ
• Buyer: Adir Levitas, Matthew Bernstein & Orry Michael - Faropoint
• Broker: CBRE

This acquisition marks Faropoint's fifth investment in the Meadowlands area through its Value Fund IV strategy. The transaction was facilitated by CBRE, whose team played a crucial role in bringing together the buyer and the portfolio of properties.