Faropoint buys 11 industrial properties in greater Philadelphia in the second half of 2020
Faropoint has purchased 11 industrial assets in Greater Philadelphia in 2020, concluding its first year of operations in the market. 10 of the assets are located in Southern NJ and one is in King of Prussia, PA.
Faropoint is a real estate investment firm focused on middle and last-mile distribution facilities. Founded in 2012, Faropoint is among the top 50 largest industrial owners in the U.S. with over 13 million square feet acquired and managed.
The team at NAI Mertz represented Faropoint in the purchase of these infill industrial buildings, totaling approximately $50M, and located in the following addresses:
a. 121 High Hill Rd, Swedesboro NJ
b. 7 buildings at Runnemede Corp. Center, Runnemede, NJ
c. 2 buildings at 858 Lenola Rd, Moorestown, NJ
d. 165 Boro Line Rd, King of Prussia, PA
Itay Ron, investments director with Faropoint who led the acquisition efforts, said the firm has been actively acquiring infill industrial properties in multiple markets across the country as part of the company’s “last mile” growing portfolio and plans to continue the aggressive expansion of its holdings in Philadelphia and Southern NJ.
“We at Faropoint see great value in what the Delaware Valley, and particularly Greater Philadelphia, have to offer for institutional investors. Philadelphia’s core industries are considered very stable (Healthcare and Education) and drive a somewhat counter-cyclical hedge and growing resident base. Moreover, fundamentals and dynamics of a mature market coupled with rent growth typically reserved exclusively for growth markets make this a great opportunity for us. “