Faropoint specializes in last-mile properties in major population centers…and properties they acquired. Six in all. All in May.
The six properties represent nearly 550,000 square feet of warehouse space. The investment manager paid $59 million, or $107 a square foot. The six buildings range in size from 40,116 to 245,300 square feet. All are fully leased and occupied.
“We’re seeing tremendous investment opportunities in Texas right now. Even amid rising interest rates, deal flow remains high due to soaring demand and a lack of middle-market warehouse supply”, said Faropoint’s Jacob Rich.
In 2022 to-date, Faropoint has closed 12 Texas deals. The company has acquired 25 assets in Dallas-Fort Worth, San Antonio and Houston since entering the market in early 2021. They plan to enter the Austin market by year’s end.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.