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Faropoint drops $25M for Opa-locka industrial portfolio
Hoboken, New Jersey-based firm acquired three warehouses completed in 1981
Faropoint picked up an Opa-locka industrial portfolio for $24.6 million.
An affiliate of Hoboken, New Jersey-based Faropoint acquired three single-story buildings spanning 142,415 square feet at 12900-13001 Northwest 38th Avenue, records and Vizzda show. The deal breaks down to $173 per square foot.
The seller, an affiliate of Newport Beach, California-based The O’Donnell Group, paid $17 million for the portfolio last year, records show. Completed in 1981, the three buildings sit on 3.1 acres.
Led by CEO Adir Levitas, Faropoint is an industrial real estate investment firm founded in 2012, according to the company’s website. Last month, Invesco Real Estate acquired a minority stake in Faropoint, which has bought 400 warehouses with 20 million square feet across the country in the last five years. In October, Faropoint paid $144.5 million for an industrial portfolio in New Jersey.
This month produced the two biggest industrial deals of the year in South Florida. Boston-based Longpoint Partners scooped up 25 Miami-Dade and Broward industrial buildings from Seagis for $262 million. The purchase included a portfolio of warehouses in Davie, Deerfield Beach, Fort Lauderdale and Lauderhill for $115.6 million.
In the second biggest deal, Spanish billionaire Amancio Ortega’s Pontegadea bought a freezer facility in Hialeah for $113 million. In 2020, the seller — a joint venture between Chicago-based Bridge Industrial and Newark, New Jersey-based PGIM Real Estate — paid $11 million for the 20-acre site. The partnership completed the 312,000-square-foot cold storage warehouse last year.
Also this month, Iowa-based Pella Windows & Doors acquired a 270,000-square-foot industrial building in Medley for $45 million. Pella bought the site as part of its acquisition of the seller, Lawson Industries, a windows and doors manufacturer that is headquartered at the warehouse.
In November, Rockpoint snagged an 87.8-acre industrial development site in Pompano Beach for $180 million. The Boston-based firm plans to develop and manage 1.5 million square feet of new warehouses.