{"id":1004589810,"date":"2022-07-06T01:45:35","date_gmt":"2022-07-06T09:45:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004589810"},"modified":"2022-12-08T18:51:55","modified_gmt":"2022-12-09T02:51:55","slug":"faropoint-sells-6-8-msf-for-481m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/faropoint-sells-6-8-msf-for-481m\/","title":{"rendered":"Faropoint Sells 6.8 MSF for $481M"},"content":{"rendered":"
\"\"<\/a>

One of the Memphis, Tenn., traded assets. Image courtesy of Faropoint<\/p><\/div>\n

Hoboken, N.J.,-based Faropoint<\/strong> has sold 109 industrial properties totaling 6.8 million square feet to a private buyer for $481 million. The institutional quality, last-mile assets were located primarily in the Atlanta, Philadelphia, Houston and Memphis, Tenn., markets.<\/p>\n

The portfolio includes multi-tenant warehouses and light industrial properties averaging 62,000 square feet. At the time of sale, the properties were 98 percent leased to some 200 local, regional and national tenants.<\/p>\n

Faropoint Chief Relations Officer Raz Rahamim said in a prepared statement the deal was one of the largest portfolio sales of last-mile urban logistics center in recent years.\u00a0Eastdil Secured<\/strong> advised the seller on the disposition and financing, while Duval & Stachenfeld LLP<\/strong> served as legal advisor.<\/p>\n

\n

READ ALSO:<\/strong> The Impact of Interest Rates and Inflation on Industrial Real Estate<\/a><\/p>\n

\n

The disposition follows a year of strong activity for Faropoint. In 2021, the firm acquired 148 buildings in 85 separate transactions, including the December purchase of a 10-building, last-mile portfolio in Northern New Jersey from Kushner Cos. for $132.5 million. Totaling 654,633 square feet, the properties were 98 percent leased and located in in-fill areas in Bergen and Morris counties.<\/p>\n

Several months earlier, Faropoint had acquired an 83,000-square-foot industrial property in Elk Grove Village, Ill., about 10 miles from O\u2019Hare International Airport, the firm\u2019s third purchase near the airport since July 2021 at the time. Another deal closed in Decatur, Ga., involving an eight-building portfolio totaling 255,013 square feet. That site was about 8 miles from downtown Atlanta and 21 miles from Hartsfield-Jackson Atlanta International Airport.<\/p>\n

Bullish on last-mile industrial<\/h2>\n

Faropoint invests in markets with strong demographics and high construction barriers to entry including Atlanta, Dallas, Philadelphia, Northern New Jersey, Chicago, Miami, Memphis and Tampa, Fla. The firm currently owns and manages more than 20 million square feet of industrial assets.<\/p>\n

CIO Ohad Porat said in a prepared statement the firm is extremely bullish on last-mile industrial<\/a>. He said they are optimistic the fundamentals will remain strong in that segment of the market long term due to constrained supply. However, Porat noted they will continue to closely monitor market conditions and adjust their strategy as needed in response to macroeconomic trends and future volatility.<\/p>\n","protected":false},"excerpt":{"rendered":"

The portfolio comprises last-mile industrial assets in four markets.<\/p>\n","protected":false},"author":1068,"featured_media":1004589819,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,23891,21742],"tags":[33101,51608],"class_list":["post-1004589810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-national","category-latest","tag-eastdil-secured","tag-faropoint"],"acf":[],"yoast_head":"\nFaropoint Sells 6.8 MSF for $481M - CPE<\/title>\n<meta name=\"description\" content=\"Faropoint sold 109 industrial properties totaling 6.8 million square feet to a private buyer for $481 million, advised by Eastdil Secured.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/faropoint-sells-6-8-msf-for-481m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Faropoint Sells 6.8 MSF for $481M\" \/>\n<meta property=\"og:description\" content=\"Faropoint sold 109 industrial properties totaling 6.8 million square feet to a private buyer for $481 million, advised by Eastdil Secured.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/faropoint-sells-6-8-msf-for-481m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-06T09:45:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:51:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/E-Raines-Road-e1657099575375.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"908\" \/>\n\t<meta property=\"og:image:height\" content=\"680\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/faropoint-sells-6-8-msf-for-481m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/faropoint-sells-6-8-msf-for-481m\/\",\"name\":\"Faropoint Sells 6.8 MSF for $481M - 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