Hoboken-based real estate firm Faropoint announced it acquired a 16-building portfolio across two key logistics markets, Jacksonville, Florida, and Memphis, Tennessee. The off-market deal, totaling 1.7 million square feet, was priced at $105 million.
The transaction was brokered by Eastdil Secured and completed in less than 45 days.
This multimarket acquisition features four buildings in Jacksonville and 12 buildings in Memphis.
The portfolio consists of strategically located industrial assets that align with Faropoint’s long-term strategy of securing high-demand properties in key U.S. markets. The transaction also highlights the firm’s ability to execute complex multimarket acquisitions efficiently and seamlessly.
The Jacksonville and Memphis assets offer strong submarket density, high-quality property specs and desirable tenancy types. The assets’ proximity to each other within target submarkets provides operational advantages, while their solid build quality and location offer opportunities for value creation through strategic improvements and proactive leasing.
“This portfolio acquisition demonstrates Faropoint’s ability to identify and act on unique opportunities that align with our forward-thinking investment strategy. In a rapidly evolving logistics landscape, securing well-located assets in key markets like Jacksonville and Memphis strengthens our ability to meet future demand. These assets not only enhance the diversity of our portfolio but also position us to capitalize on emerging trends in industrial real estate as we continue to adapt to the needs of modern supply chains. We are confident that our approach will drive both immediate and long-term value for our investors,” Ohad Porat, chief investment officer, said.
“We extend our gratitude to Eastdil and Brookfield for the opportunity to transact on this portfolio. Our team demonstrated exceptional efficiency, completing due diligence across 16 buildings and 45 suites, and successfully closing the deal in under 45 days,” Yannai Gordon, senior vice president, added. “This transaction underscores our capability to swiftly execute in multiple markets and secure off-market opportunities in a highly competitive landscape. We look forward to integrating these strategically located assets in Memphis and Jacksonville into our expanding national portfolio.”
