Faropoint, a Hoboken-based real estate investment manager, has purchased a three-building light-industrial portfolio in the Meadowlands for $44.3 million.
The buildings in Carlstadt are within a quarter-mile of each other. They include 400 Gotham Parkway (57,975 square feet), 223 Veterans Boulevard (40,112 square feet), and 190 Jony Drive (84,168 square feet).
At closing, all three buildings were 100% leased to an established base of four tenants: two at 190 Jony Drive and one each at 400 Gotham Parkway and 223 Veterans Boulevard, according to Faropoint.
“These three Meadowlands assets check every box for us,” said Matthew Bernstein, director of acquisitions. “The buildings meaningfully raise the overall quality of our portfolio in one of the tightest, most supply-constrained industrial submarkets in the country.”
Faropoint, founded in 2012, has acquired more than 550 warehouses totaling more than 35 million square feet.
