Faropoint Buys 3 Industrial Properties in the DMV for $19M
By Keith Loria December 14, 2022 6:11 pm
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Faropoint, a Hoboken, N.J.-based real estate investment firm, is boosting its presence in the Washington-Baltimore region.
In three separate deals, the company acquired three industrial properties totaling approximately 160,000 square feet for a combined $18.6 million.
The largest of the properties was an 81,650-square-foot, one-story warehouse property at 9176 Red Branch Road in Columbia, Md., which was sold by a joint venture between Feldman Bergin Properties and Fortified Property Group.
High Street Logistics Properties sold 7120-7132 Ambassador Road, a 47,528-square-foot property in Milford Mill, Md.; while a joint venture between Grander Capital Partners and SilverCap Partners sold the 30,333-square-foot vacant building at 8361 Town Center Court in Nottingham, Md.
This is not their first deal in the region. Faropoint also purchased 6704 Curtis Court, a 58,883-square-foot property in Glen Burnie, Md., from a private investor earlier this year in a $10 million deal.
“We’re seeing tremendous investment opportunities in the Washington-Baltimore metro right now despite macroeconomic headwinds,” Kevin Dougherty, director of acquisitions at Faropoint, said in a prepared statement. “Despite surging debt costs, we are still seeing deals that we believe can provide attractive risk-adjusted returns.”
According to the company, the transactions are the latest in Faropoint’s strategy of aggregating individual, last-mile warehouses near population centers, including the Washington-Baltimore MSA. The region showed a record high net absorption and is one of the most economically diverse areas in the U.S., Faropoint cited, per last quarter’s data.
Keith Loria can be reached at Kloria@commercialobserver.com.
