NEW YORK, May 13, 2022 (GLOBE NEWSWIRE) — Northpath Investments has acquired 323 Bergen Boulevard, an industrial/flex facility in Fairview, NJ for $5.1M, to add to its growing portfolio of industrial/flex assets.
The 29,822 Sq foot industrial/flex facility is 100% leased to Fairview Health Club, a local gym/fitness operator that has leased the entire property since opening its doors in 2013.
Northpath secured debt for this transaction off-market through a direct relationship with the lender.
“We are thrilled to add another industrial property to our portfolio” said Gershon Alexander, Principal at Northpath Investments. “We are bullish on the fundamentals of the asset class in Northern Jersey and believe this asset is well positioned to capture the exponential growth in the market for our investors”.
New Jersey has seen unprecedented levels of rent growth, in the industrial asset class, as supply & demand imbalance coupled with inflationary pressures have driven overall rental rates.
About Northpath Investments
Northpath Investments is a privately held real estate investment firm headquartered in New York City. Northpath is focused on the acquisition, development, redevelopment and management of retail, industrial and office properties in the Northeast and Mid-Atlantic. Northpath has an excellent track record in the ownership and management of real estate assets and seeks to create value for investors, partners, and the communities in which they work and live.
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Contact: Danielle Gross