Faropoint Trades 109-Property Logistics Portfolio for $481M
Investment firm Faropoint, focused on last-mile industrial properties in high population growth markets, has sold 109 institutional-quality, last-mile logistics buildings to a private buyer for $481 million. The portfolio includes 6.8 million square feet of warehouse space largely concentrated in Atlanta, Philadelphia, Houston and Memphis.
“This deal marks one of the largest portfolio sales of last-mile urban logistics centers in recent years and positions Faropoint to continue to provide significant value to its investors through its last-mile industrial funds,” said Faropoint chief relations officer Raz Rahamim.
This disposition follows a record-breaking year of activity in 2021, during which time Hoboken, NJ-based Faropoint acquired 148 buildings in 85 separate transactions.
“As the current macroeconomic climate evolves, we will continue to assess market conditions, and are well-capitalized to act when the right opportunities present themselves,” said Faropoint CEO Adir Levitas.
Eastdil Secured advised Faropoint on the sale and financing of the portfolio.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).