**Faropoint Makes First LA Acquisition with Value-Add Plan in Torrance**
Faropoint, a real estate investment manager, has completed its first acquisition in Los Angeles with the purchase of a multi-tenant industrial building located at 605-655 Hawaii Avenue in Torrance. The property was acquired for $9.975 million.
Originally built in 1963, the 36,491-square-foot industrial facility is fully leased to four tenants. Faropoint plans to implement a value-add strategy for the property, which includes targeted capital improvements and lease optimization.
“This acquisition marks a significant milestone in Faropoint’s West Coast expansion strategy,” said Harold Levy, Vice President of Acquisitions at Faropoint, who leads the company’s Los Angeles office. “The Torrance submarket offers exceptional fundamentals with vacancy rates for sub-20,000-square-foot spaces below 2.4%, which is less than half of the Greater Los Angeles metro average. By acquiring this multi-tenant property with value enhancement potential, we’re establishing our presence in one of the nation’s most supply-constrained industrial markets where we see significant opportunities to apply our value-add expertise.”
The acquisition reflects Faropoint’s ongoing focus on expanding its industrial portfolio in key logistics markets throughout the U.S.
