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Sign in Sign up for a FREE subscriptionFaropoint sells portfolio of 109 institutional-quality last-mile warehouses for $481m
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 109-building portfolio includes multi-tenant warehouse and light industrial properties, with each building averaging 62,000 square feet. The portfolio is 98 percent leased and occupied by approximately 200 local, regional and national tenants. During the firm’s three-year hold period, Faropoint executed 120 leases across the portfolio, significantly increasing NOI and lease commitments.
“Our firm is extremely bullish about last-mile industrial and we are optimistic that fundamentals will remain strong in this segment of the market long-term due to constrained supply,” said Ohad Portat, Faropoint CIO.