INDUSTRIAL FIRM FAROPOINT ENTERS FLORIDA MARKET WITH $200M IN PLANNED ACQUISITIONS.
“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.
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.