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- Faropoint Acquires 1.7M Sq. Ft. Industrial Portfolio in Jacksonville and Memphis for $105M
Faropoint Acquires 1.7M Sq. Ft. Industrial Portfolio in Jacksonville and Memphis for $105M
Slice of Real Estate Team
August 30, 2024
Key Highlights:
Acquisition of 16-building portfolio in Jacksonville, FL, and Memphis, TN, totaling 1.7 million sq. ft.
$105 million transaction completed in under 45 days, brokered by Eastdil Secured.
Portfolio includes strategically located industrial assets aligning with Faropoint’s long-term investment strategy.
Demonstrates Faropoint’s ability to efficiently execute complex multi-market acquisitions.
Source (Business Wire)
Notable Quotes:
“This portfolio acquisition demonstrates Faropoint’s ability to identify and act on unique opportunities that align with our forward-thinking investment strategy.”
“This transaction underscores our capability to swiftly execute in multiple markets and secure off-market opportunities in a highly competitive landscape.”
Our Take:
Faropoint’s recent acquisition of a significant 16-building portfolio across two key logistics markets highlights its strategic focus on securing off-market opportunities in high-demand submarkets. The firm’s ability to swiftly close such a complex, multi-market transaction in under 45 days showcases its operational efficiency and strong market relationships. This acquisition not only bolsters Faropoint’s growing presence in essential logistics hubs like Jacksonville and Memphis but also positions the firm to capitalize on emerging trends in the industrial real estate sector, further enhancing value for its investors.