Faropoint Closes First Acquisition in Chicago Region
Just two months after opening a Chicago office, Faropoint has closed its first acquisition in the Chicago market. Transwestern represented the seller, Shah Badah Living Trust, in Faropoint’s purchase of a 30,000-square-foot industrial facility at 561 Mitchell Rd. in Glendale Heights, IL. The deal closed for $2,200,000.
“Faropoint is excited to plant the flag in Chicago with this first acquisition,” said Jordan Kovalsky, SVP of Midwest markets at Faropoint. “We have had a fast-paced first two months with this deal being the first of many to close in the coming weeks.”
She continued, “This acquisition is part of our ongoing effort to expand our portfolio in the Midwest. The Midwest markets continue to present opportunities to acquire industrial assets at a significant discount to replacement cost. We are finding that developers are no longer able to easily develop product below 150,000 square feet due to the rising cost of construction.”
