Faropoint Closes Largest Deal in Its History at $328M
The company purchased a 1.8 million-square-foot industrial collection.
Faropoint has acquired a 1.8 million-square-foot portfolio for $328 million. Mapletree Investments sold the 30-asset shallow bay industrial collection spread across Florida, Georgia, New Jersey, Pennsylvania and Texas with the assistance of JLL.
This transaction represents Faropoint’s largest acquisition in the firm’s history. It is also Mapletree’s first U.S. large-scale warehouse divestment, CEO Richard Prokup said in a prepared statement.
The sold properties were previously part of Mapletree US & EU Private Trust, which launched six years ago and totaled $4.3 billion in assets under management. The sale marks the first phase of exit for investors in the trust.
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The traded portfolio includes Northmont Business Center, a 229,726-square-foot asset in Duluth, Ga., and Forge Way Business Center, a 189,254-square-foot campus in Rockaway, N.J. Mapletree had purchased the duo from Exeter Property Group in 2018, as part of a $2.4 billion deal, Yardi research data shows.
Faropoint has purchased more than 26 million square feet of industrial product since its 2012 inception, according to its website. In April, it paid $63.6 million for a 243,394-square-foot portfolio in Ontario, Calif., sold by Panattoni Development. And last year, the firm acquired a 16-asset collection in Florida and Tennessee for $105 million, in an off-market deal.
Still bullish on U.S. industrial
JLL Senior Managing Directors John Huguenard and Trent Agnew represented Mapletree. Despite the sale, the company remains bullish on the long-term potential of the U.S. industrial market, Prokup added, as the transaction unlocked capital for reinvestment in new sector opportunities.
Since it entered the U.S. market in 2014, the firm’s portfolio has grown to more than 70 million square feet of industrial space. Along with assets in the data center, office, student housing and multifamily sectors, Mapletree’s national portfolio of assets under management stood at $60.1 billion at the end of March.
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