Hoboken, New Jersery-based Faropoint, a real estate investment manager specializing in last-mile industrial properties, announced its first acquisition in the Los Angeles area with the $9.975 million purchase of a multi-tenant industrial building located in Torrance, California.
The 36,491-square-foot industrial facility was built in 1963 and is fully leased to four tenants. The company noted the property’s proximity to the Port of Los Angeles, LAX, and the 405 Freeway connecting Los Angeles and Orange County.
“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 firm’s Los Angeles office. “The Torrance submarket offers exceptional fundamentals with sub 20K SF vacancy rates 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.”
Faropoint plans to implement a value-add strategy for the property, including targeted capital improvements and lease optimization. Levy added the company was “actively bidding on industrial assets in the market as we grow our portfolio in Southern California.”
Photo courtesy of LoopNet
