Faropoint Acquires Kushner Co. 10-Building Portfolio in New Jersey for USD 132.5m as Part of National Expansion.

MANews-(C)2009-2021

Tennessee, US-based real estate asset manager Faropoint has acquired a 10-building last-mile portfolio located throughout Northern New Jersey from Kushner Companies for USD 132.5m, marking the firm's entrance into the New York metro area, the company said.

The properties in Faropoint's newly acquired portfolio are located within in-fill areas throughout Bergen and Morris Counties and represent a combined 654,633 rental square feet.

The portfolio is currently 98% leased to a variety of national and local tenants, spanning industries such as healthcare, biotechnology, distribution, and adjacent community service providers.

As part of Faropoint's national...

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