Senior Associate - Fund Finance

Faropoint acquires Farmingdale property in sale-leaseback deal. Hoboken, N.J.-based Faropoint has added to its growing Long Island portfolio with the acquisition of an industrial property in Farmingdale. Faropoint purchased the 21,895-square-foot building on 1.5 acres at 10 Executive Blvd. for $5.25 million. The deal was a sale-leaseback for Faropoint, with the seller, biotech firm Enzo Life Sciences, remaining as a tenant. "10 Executive is the latest addition to our growing Long Island portfolio," Matthew Bernstein, Faropoint's director of acquisitions, told LIBN. "This opportunity secures a creditworthy tenant under a long-term sale-leaseback in a highly infilled location, occupying a facility that is mission-critical to their operations." The acquisition of 10 Executive Blvd. is Faropoint's ninth on Long Island and its third in the last nine months. In January the company purchased a two-building industrial portfolio at 100 and 110 Wilbur Place in Bohemia for $17.5 million. The acquisition, another sale-leaseback, totaled 73,811 square feet on 6 acres, with seller New York Tent remaining as a tenant. In Oct. 2025, Faropoint purchased a fully occupied 40,000-square-foot industrial building on 2.22 acres at 593 Acorn St. in Deer Park for $7.55 million in another sale-leaseback deal. Faropoint, founded in 2012, is a commercial real estate investment firm that focuses on last-mile warehousing and distribution facilities. The company's portfolio has more than 550 properties totaling over 35 million square feet throughout the U.S., according to its website. Enzo reduced its Long Island footprint earlier this year, selling the 35,875-square-foot building on 2 acres at 21 Executive Blvd. for $11.7 million on March 31. The company had purchased the property in 2018 for $6 million in a deal that was assisted with tax breaks from the Babylon Industrial Development Agency. Enzo Life Sciences is a subsidiary of Enzo Biochem, which was founded in 1976. The company's labeling, detection and analysis services support research, drug discovery and development, and diagnostic solutions. Formerly a publicly traded company, Enzo Biochem was acquired by Boston-based private equity firm Battery Ventures in August 2025 in a deal valued at $37 million. Faropoint was self-represented, while Kyle Burkhardt, Joshua Cohen and Mason Morrow of Newmark represented the seller, Enzo Realty LLC, in the Farmingdale sales transaction.

Faropoint expands Morris County shallow bay industrial portfolio. Shallow bay industrial space continues to draw investors, as Faropoint expands its local portfolio with the acquisition of a two-building Morris County package. JLL Capital Markets announced arranging the sale of the properties April 4. The facilities located at 200 and 300 Roundhill Drive in Rockaway Township total approximately 72,908 square feet. JLL represented seller North Jersey Development Group. The firm also procured Hoboken-based tech-enabled industrial real estate investment manager Faropoint as the buyer. Built in 1987 and 1990, the buildings sit on a combined 10.7 acres. JLL noted the site offers direct access to Interstate 80 at Exit 37. The deal comes as demand for shallow bay space outpaces available supply nationwide. A new report from CBRE notes fundamentals in the space are closely tied to regional population growth, land constraints and local economic conditions. The firm identified Central and North Jersey as representing high rent/high vacancy markets. Figures on the former range between $10 per square foot to $12 per square foot, according to the report. Meanwhile, vacancy is between 5% and 6.5% for the areas, it said. In Rockaway, Faropoint adds a fully leased portfolio. The property's six tenants operate in manufacturing, light industrial and warehouse distribution. JLL also highlighted an average tenant tenure of 15 years at the properties. 200 and 300 Roundhill Drive both include 20-foot clear heights with separate loading. Functional layouts include units ranging from approximately 5,000 square feet to about 24,000 square feet. Faropoint's competitive advantage. JLL Managing Directors Nicholas Stefans and Jason Lundy along with Senior Analyst Luke Ceccoli led the team representing the seller. Stefan described the niche as "one of the most sought-after sub-asset classes due to the lack of availability, minimal development pipeline and increasing tenant demand." He noted that "Faropoint's presence within the submarket gave the firm a competitive advantage in understanding market fundamentals and providing a seamless execution." Launched last June with a $1 billion target, it also arrived with anchor commitments of $225 million to the fund and its sidecar from the Teacher Retirement System of Texas. The firm partners did not release terms of APG's investment, which helps to further diversify Fund IV's institutional investor base. As of February, it has acquired or placed under contract 30 properties totaling 1.72 million square feet across nine markets, representing approximately $284 million in total investment value.