By Joshua Burd
Hoboken-based Faropoint has added 1.7 million square feet of logistics space in the Southeast with a newly announced acquisition in Jacksonville, Florida and Memphis, Tennessee.
The industrial real estate investment manager said it paid $105 million for the 16-building portfolio, part of an off-market deal brokered by Eastdil Secured. That includes four buildings in Jacksonville and 12 in Memphis, Faropoint said, citing the growing demand and strong fundamentals in both markets and the opportunity for value creation.
“This portfolio acquisition demonstrates Faropoint’s ability to identify and act on unique opportunities that align with our forward-thinking investment strategy,” said Ohad Porat, the firm’s chief investment officer. “In a rapidly evolving logistics landscape, securing well-located assets in key markets like Jacksonville and Memphis strengthens our ability to meet future demand.
“These assets not only enhance the diversity of our portfolio but also position us to capitalize on emerging trends in industrial real estate as we continue to adapt to the needs of modern supply chains. We are confident that our approach will drive both immediate and long-term value for our investors.”
The firm sourced the off-market deal through its strong relationship with Eastdil Secured and its swift execution in partnership with Brookfield, according to a news release.
“We extend our gratitude to Eastdil and Brookfield for the opportunity to transact on this portfolio. Our team demonstrated exceptional efficiency, completing due diligence across 16 buildings and 45 suites, and successfully closing the deal in under 45 days,” Senior Vice President Yannai Gordon said. “This transaction underscores our capability to swiftly execute in multiple markets and secure off-market opportunities in a highly competitive landscape. We look forward to integrating these strategically located assets in Memphis and Jacksonville into our expanding national portfolio.”
