Faropoint has bought a three-building, 182,255-square-foot light-industrial portfolio in Carlstadt for $44.3 million. The buildings, at 400 Gotham Parkway, 223 Veterans Blvd. and 190 Jony Drive, were fully leased to four tenants when the deal closed.
The purchase was announced Tuesday, and ROI-NJ reports it is Faropoint's fifth Meadowlands region transaction through Value Fund IV. The three buildings sit within a quarter mile of one another in the Meadowlands submarket. Faropoint, for its part, describes itself on its website as a vertically integrated investment manager specializing in urban industrial real estate.
Three Buildings, Four Tenants, About 5.5 Years of Lease Left
Per the ROI-NJ account, 190 Jony Drive had two tenants, while 400 Gotham Parkway and 223 Veterans Blvd. each had one. The weighted average lease term across the portfolio was about 5.5 years at closing.
ROI-NJ lists 400 Gotham Parkway at 57,975 square feet, 223 Veterans Blvd. at 40,112 square feet and 190 Jony Drive at 84,168 square feet. Other databases tell a slightly different story. PropertyShark lists 400 Gotham Parkway at 58,417 square feet, and CompStak describes 190 Jony Drive as a two-story industrial property built in 1969 spanning 102,611 square feet.
What Faropoint Says It Is Buying
The portfolio is about 25 minutes from Newark Liberty International Airport and 15 miles from Port Newark, according to the report. Faropoint's Matthew Bernstein, director of acquisitions, said the assets provide durable, predictable cash flow and a healthy in-place yield while improving portfolio quality in a supply-constrained industrial submarket. Orry Michael, the firm's vice president of acquisitions, said the Meadowlands combines constrained supply, deep tenant demand and direct access to the New York metro consumer base.
On the seller's side, the report says a CBRE team led by Brian Fiumara, vice chairman of CBRE National Partners, represented the seller, along with Daniel Sarmiento, Charlotte Sands and Elli Klapper. The seller's identity was not provided.
A Market Turning a Corner, With Caveats
The timing lands as the regional market shows signs of life. An NAI James E. Hanson industrial report found that Northern New Jersey net absorption turned positive in the third quarter after three and a half years in negative territory. The same report put Meadowlands vacancy at 6.6%, with more than 820,000 square feet of positive net absorption in the submarket.
Not every read is that rosy. Cornovus Capital pegged Northern New Jersey vacancy at roughly 8% to 9% in the third quarter, up from year-end 2025 levels as sublease availability built up through 2024 and 2025 continued to weigh on the market. That report also put Meadowlands asking rents at about $16.01 per square foot triple net.
Fund IV Keeps Stacking Small Industrial Assets
Fund IV's stated approach is to assemble a diversified portfolio of roughly 200 to 250 last-mile urban logistics assets, according to APG Asset Management. Carlstadt is not the firm's only recent New Jersey buy. NJBIZ reported that Faropoint acquired a two-building, roughly 72,908-square-foot shallow-bay package at 200 and 300 Roundhill Drive in Rockaway Township, fully leased to six tenants.
