Hoboken, New Jersey-based Faropoint, a real estate investment manager specializing in last-mile industrial properties, announced the acquisition of a four-building, multi-tenant industrial portfolio in Ontario, California.
Built in 2006 by Panattoni Development, the approximately 243,000-square-foot portfolio comprises four Class A industrial buildings. The properties are 97.6% leased to 29 tenants and feature 20- to 25-foot clear heights, 150-foot shared truck courts, front park/rear load configurations, and attractive finishes. Faropoint plans to implement targeted capital improvements to maintain the properties’ high-quality standards, including roof management, HVAC replacements, and selective interior upgrades.
This is the company’s second acquisition in Southern California following its entry into the Los Angeles market a few weeks ago. The financial aspects of the transaction were not disclosed.
“Following our recent entry into the Los Angeles market, this portfolio acquisition significantly expands our Southern California footprint in a strategic location near the Ontario Airport,” said Harold Levy, vice president of acquisitions at Faropoint. “These high-image assets offer excellent small bay buildings in the Ontario market, with attractive specifications including both dock-high and grade-level loading, impressive curb appeal, with well-appointed store front improvements that are in high demand among today’s diverse industrial users.”
