Mercantile Distribution 40 Buy Represents Another Major Step in Faropoint’s Growth
The North Fort Worth submarket was the highest-performing submarket with more than 7.2 million square feet of net absorption from October 2020 through September 2021, according to CBRE. And within that submarket, Mercantile Distribution Center 40, a 182,500-square-foot industrial warehouse facility, recently sold to New Jersey-based Faropoint. The seller was Austin-based Marbella Interests LLC and the purchase price was undisclosed.
Located in the North Fort Worth submarket, Mercantile 40 has access to Beach Street and is less than two miles from I-820 and I-35 West. The facility is 100 percent leased to a single tenant, providing investors with a stable cashflow for the next five years.
“The acquisition of Mercantile Distribution 40 represents another major step in Faropoint’s growth within the broader Dallas Fort-Worth industrial market,” said Jacob Rich, senior vice president, Texas Markets at Faropoint. “Mercantile 40 offers excellent fundamentals and is well-positioned to benefit from the rapid growth in demand for highly functional distribution assets across DFW. Adding an asset of this quality reaffirms Faropoint’s commitment to assemble an industry-leading portfolio throughout Texas and in all of our national markets.”
Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE arranged the transaction on behalf of the seller.
- ◦Sale/Acquisition