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.
The portfolio includes multi-tenant warehouse and light industrial properties, with each building averaging 62,000 square feet. The portfolio is 98% leased and occupied by approximately 200 local, regional and national tenants. During the firm's 3-year hold period, Faropoint executed 120 leases across the portfolio.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
