Faropoint Pays $33M for Charlotte Industrial Portfolio
The industrial properties Faropoint purchased in Charlotte are within 17 miles of each other. The dated buildings range in size from 45,750 square feet to 200,000 square feet. The newest was built in 1979, the oldest 1969.. Tenants of two of the three Class-B buildings include Pinpoint Warehousing, Woodward Compressor and L & M Supply. One of the buildings is vacant. The combined 312,000 square portfolio went for $33.3 million. CommercialEdge reports CBRE‘s Patrick Gildea negotiated on behalf of the sellers, Beacon Partners.
The deal follows Faropoint’s first investment in the Charlotte market; the purchase of a 56,846-square-foot industrial building earlier this year. They tout they pursue Urban Distribution Centers at high volume that are below the institutional radar due to size, with a portfolio composition with approximately 85% stabilized assets and 15% with a value-add components.
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