Faropoint Launches New Jersey Project
Faropoint is planning the development of Joyce Kilmer Logistics Center, a two-building Class A industrial project in New Jersey’s Exit 9 submarket. Construction is expected to begin early next year, with an estimated delivery by the fourth quarter of 2026.
Totaling 195,421 square feet, the assets will be minutes from I-95, U.S. Route 1 and Route 28. The rear-loaded facilities will feature 36-foot clear height with 32 total loading positions. The project has been designed to meet the submarket’s growing demand for industrial spaces under 100,000 square feet.
Deugen Development, a fourth-generation New Jersey developer with an extensive market presence, is a project partner.
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The Joyce Kilmer development is part of Faropoint’s Industrial Value Fund III, which closed at $915 million in June, exceeding its $750 million target.
In September, Faropoint launched a $300 million target industrial sale-leaseback fund that will capitalize on the debt gap of local and regional U.S. banks as they strive to reduce their commercial real estate exposure.
A strong track record
Since 2018, Faropoint has successfully acquired more than 80 sale-leaseback buildings, totaling approximately 5 million square feet, all without any defaults.
In August, Faropoint acquired a 16-building portfolio in key logistics markets Jacksonville, Fla., and Memphis, Tenn., for $105 million. Eastdil Secured brokered the deal in less than 45 days. This off-market acquisition totals 1.7 million square feet and features four buildings in Jacksonville and 12 in Memphis.
Since its inception in 2012, Faropoint has acquired over 400 warehouses, representing more than $3 billion in industrial real estate assets.
More industrial developments
Last month, CRG formed a joint venture with PCCP to develop The Cubes at Alpha, a 575,900-square-foot industrial park in Alpha, N.J. Its completion is expected in the third quarter of next year. PCCP paid $24.8 million for the 37-acre site in August and Simmons Bank issued a $55.8 million construction loan last month, Warren County public records show.
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