Industrial Firm Faropoint Enters Florida Market With $200M In Planned Acquisitions
A Hoboken, New Jersey-based investment firm focused on last-mile industrial properties has broken into the Florida market with $33M of acquisitions in Tampa and Jacksonville.
Faropoint, which also operates out of Tel Aviv and recently opened a corporate office in Miami, added 350K SF to its portfolio through the deals. The firm intends to spend $200M in acquisitions across Florida in 2022.
“We’re bullish on the state of Florida and believe fundamentals will continue to make last-mile investment across the state worthwhile," Faropoint Vice President and Florida Market Leader Yannai Gordon said in a statement. "We plan to ramp up our acquisition of centrally located assets in these major logistics hubs as well as in Orlando, Miami and Fort Lauderdale this year.”
Nationwide, the firm has amassed 20M SF since its founding in 2012 and is targeting about a dozen new markets in the eastern U.S. to bulk up its last-mile network, according to its website.
In 2021, the firm deployed $730M to acquire 8.5M SF across 144 buildings. Its 82 transactions last year included 41 worth more than $175M in the Southeast. Focusing on places with high construction barriers to entry, such as Atlanta, Chicago, Cincinnati, San Antonio and New Jersey, Faropoint aggregates individual industrial warehouse acquisitions into institutional-quality portfolios.
Faropoint’s Florida buys include a 24K SF facility at 6959 Stuart Ave. and a 65K SF property at 11660 Central Parkway now occupied by the U.S. Navy in Jacksonville, and an 82K SF fully leased logistics center leased by Quad Graphics at 3900 West Coachman in Tampa.
“Our entrance into these high-growth markets throughout Florida is a natural extension of our presence in the Southeast," Faropoint Head of Acquisition Vadim Greenberg said in a statement. "We look forward to expanding our portfolio throughout Florida and penetrating several new markets in 2022.”
Last year, Faropoint CEO Adir Levitas told Bisnow his company leverages its own data and software tools to rapidly aggregate portfolios of warehouses that are too small for large investors to buy individually, with an average deal size of $5M and an average building size less than 100K SF.