Faropoint Acquires 153 Bauer Drive in Oakland, NJ for $9.6M
CBRE Arranges Acquisition of 44,300 SF Industrial Property Reinforcing the Industrial Market Strength in Northern New Jersey
July 13, 2022
The CBRE Tri-State Investment Properties team of Elli Klapper, Jeremy Wernick, Mark Silverman and Charles Berger, in conjunction with CBRE’s Mark Trevisan, Kevin Dudley, Nick Klacik and Chad Hillyer, represented Faropoint in the negotiations.
“The sale of this property represents one of the numerous industrial transactions our team has completed in New Jersey in just the past few months, demonstrating again the industrial market’s dominance in New Jersey,” said Mr. Wernick. “Across the region, and particularly in today’s tumultuous market, industrial properties are highly coveted due to the continuing supply chain shortages and need for warehouse and distribution centers.”
“More than ever, investors recognize the crucial need for these types of properties, both existing and new construction,” added Mr. Klapper. “There has been a paradigm shift in the market as investors and developers see the long-term value of industrial commodities such as this, with excellent proximity to both vehicular transportation veins and major ports, and they are looking to expand their portfolios for long-term stability and future growth.”
153 Bauer Drive is located just minutes from I-287, which provides direct access to major thoroughfares throughout New Jersey and New York and Port Newark/Elizabeth. Its last mile distribution location is within close proximity to the strongest consumer markets in the Northeast.
“This was a strategic acquisition made by our team to expand our presence in Northern New Jersey where we already have considerable holdings,” said Orry Michael, Faropoint Director of Acquisitions Northeast. “High barriers to entry continue to stifle Class A development in the Northwest Bergen submarket due to constraints for readily available land zoned for industrial use. The area is experiencing surging demand and significant rental rate growth as tenants search for high-quality, functional product. We anticipate market fundamentals will remain strong, despite some of the volatility seen in other segments of the market.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.