Faropoint Expands New Jersey Industrial Footprint With $24M Buy

3140 Route 22. Image courtesy of Cushman & Wakefield

Faropoint has acquired a 151,000-square-foot industrial property in Branchburg, N.J., for $23.8 million. According to CommercialEdge, the seller was Viva Branchburg LLC, an entity that leads to Marcolin U.S.A, which is the company that occupies the entire building.

Located at 3140 Route 22 on roughly 13 acres, the warehouse is also Marcolin’s North U.S. headquarters and its distribution center. The one-story building is equipped with HVAC climate control systems, dock levelers and bumpers, as well as 210 parking spots, the same data provider shows. Additionally, the concrete building features 18-foot clear height, one drive-in door and seven loading docks.

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Situated within the Interstate 78 corridor, the property provides easy access to the area’s highway network. The single-tenant building is 33 miles away from Staten Island, N.Y., 35 miles from Newark, N.J., and within 45 miles of New York City. Faropoint intends to continue expanding its presence in Central New Jersey by purchasing small to medium last-mile industrial assets in growing markets.

Executive Vice Chairman Gary Gabriel, Executive Managing Director Kyle Schmidt, Managing Director Andrew Schwartz, Senior Director Ryan Larkin, Director Jordan Sobel, and Senior Associate Andre Balthazard were all part of the Cushman & Wakefield team that represented the seller and procured the buyer.

Northeastern highlights

According to the most recent CommercialEdge industrial report, New Jersey is one of the strongest markets in the U.S. Among northeastern markets, New Jersey ranked first for investment volume, with $3.42 billion in industrial assets changing hands as of December 2022. The market also saw the highest per-square-foot price in the region—$182.

One other real estate player that is expanding its industrial footprint in the Northeast area is Hines. The company recently purchased its first industrial assets in the East Region: Newark Distribution Center, a 738,000-square-foot portfolio encompassing three buildings. The properties traded for a total of $127.4 million.