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Faropoint Expands into Maryland with Four Industrial Acquisitions for $29M
Faropoint has acquired four industrial properties located in the Washington-Baltimore metro representing nearly 220,000 square feet of space for a combined $28.6 million.
- 9176 Red Branch Road, Columbia, MD, an 81,650-square-foot, multi-tenant property. The seller was a JV between Feldman Bergin Properties and Fortified Property Group.
- 6704 Curtis Court, Glen Burnie, MD, a 58,883-square-foot property. The seller was a private investor.
- 8361 Town Center Court, Nottingham, MD, a 30,333-square-foot property acquired vacant. The seller was a JV between Grander Capital Partners and SilverCap Partners.
- 7120-7132 Ambassador Road, Windsor Mill, MD, a 47,528-square-foot, multi-tenant property. The seller was High Street Logistics Properties.
The transactions mark the entrance of Faropoint, a real estate investment firm that on last-mile industrial properties in high population growth markets, into the DC market.
“We’re seeing tremendous investment opportunities in the Washington-Baltimore metro right now despite macroeconomic headwinds,” said Kevin Dougherty, director of acquisitions at Faropoint. “Despite surging debt costs, we are still seeing deals that we believe can provide attractive risk-adjusted returns.”
Faropoint is headquartered in Hoboken, NJ and has a local team in the Baltimore-DC corridor. The company currently owns and manages more than 20 million square feet of industrial assets.
Photo: 7120 Ambassador Road
- ◦Sale/Acquisition
