Faropoint Buys 3 in Charlotte for $33M
The industrial portfolio totals nearly 313,000 square feet.
Faropoint has purchased a 312,950-square-foot, three-building industrial portfolio in Charlotte, for $33.3 million. CBRE‘s Vice Chairman Patrick Gildea negotiated on behalf of the seller, identified by CommercialEdge as Beacon Partners.
The ensemble of infill industrial properties includes a 45,750-square-foot, Class B building at 4112 Joe St. Constructed in 1969 on 2 acres, the property has an office build-out component, 20-foot clear heights and was vacant at the time of the deal.
The second property is a 200,000-square-foot, Class B asset at 2101 Westinghouse Blvd. Built in 1979 on 9.4 acres, the facility’s current tenant roster comprises Pinpoint Warehousing and Woodward Compressor Sales Inc.
The third, 67,200-square-foot, Class B building at 9701 Brookford St. dates back to in 1972. Located on a 2.6-acre lot, the property has 18-foot clear heights and L & M Supply Co. as a tenant, CommercialEdge data shows.
The three properties are within 17 miles of each other, allowing easy access to interstates 77, 85 and 485 and within 29 miles of Charlotte-Douglas International Airport. The deal follows Faropoint’s first investment in the Charlotte market, namely the purchase of a 56,846-square-foot industrial building earlier this year.
Earlier in July, CBRE brokered another industrial deal in the metro: the company negotiated on behalf of Equus Capital Partners Ltd. in the sale of Carolina 85 Logistics Center in Kings Mountain, N.C. Stoltz Real Estate Partners picked up the fully occupied, 300,488-square-foot property for $32.9 million.