Faropoint has recently purchased an industrial portfolio in Charlotte, North Carolina for $33.3 million. The 312,000 square foot portfolio consists of three Class-B buildings ranging from 45,750 to 200,000 square feet and built between 1969 and 1979. Tenants of two of the buildings include Pinpoint Warehousing, Woodward Compressor and L & M Supply while one building is currently vacant. CBRE’s Patrick Gildea negotiated on behalf of the sellers Beacon Partners for this deal which follows Faropoint’s first investment in the Charlotte market; a 56,846-square-foot industrial building earlier this year.
Faropoint specializes in Urban Distribution Centers below institutional radar due to size with a composition that consists mostly (85%) stabilized assets with 15% value add components spread out within 17 miles radius from each other .
