Faropoint Sells Last Mile Portfolio for $481M

Faropoint, a real estate investment firm focused on last-mile industrial properties, has sold 109 institutional-quality, last-mile logistics buildings to a private buyer for $481 million. The portfolio consists of 6.8 million square feet of warehouse space largely concentrated in Atlanta, Philadelphia, Houston and Memphis. 

Faropoint identifies mostly off-market opportunities to acquire last-mile properties using data it has collected from its team across nine US offices. Last year, the company acquired 148 buildings in 85 separate transactions. It says this particular deal is one of the largest portfolio sales of last-mile urban logistics centers in recent years.