Faropoint, a real estate investment firm focused on last-mile industrial properties, 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.
Faropoint identifies mostly off-market opportunities to acquire last-mile properties using data it has collected from its team across nine US offices. Last year, the company acquired 148 buildings in 85 separate transactions. It says this particular deal is one of the largest portfolio sales of last-mile urban logistics centers in recent years.
The 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. During the firm's 3-year hold period, Faropoint executed 120 leases across the portfolio.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
