Faropoint, a real estate investment firm focused on last-mile industrial properties in high population growth markets, 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.
The close of this portfolio sale in the current market climate further demonstrates Faropoint’s successful strategy as an aggregator of individual warehouses in growth markets across the U.S. The firm leverages a proprietary origination platform to collect data from its team of investment professionals across nine U.S. offices. This curation of data arms Faropoint with actionable insights and analytics to identify mostly off-market opportunities to acquire last-mile industrial buildings.
“This deal marks one of the largest portfolio sales of last-mile urban logistics centers in recent years and positions Faropoint to continue to provide significant value to its investors through its last-mile industrial funds,” said Faropoint Chief Relations Officer Raz Rahamim.
The 109-building 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. Eastdil Secured advised Faropoint on the sale and financing of the portfolio, and Duval & Stachenfeld LLP served as legal advisor.
This disposition follows a record-breaking year of activity in 2021, during which time Faropoint acquired 148 buildings in 85 separate transactions.
