Faropoint adds 43,500-square-foot industrial facility in Mount Prospect, aiming to expand Chicago portfolio

Investment firm closed four transactions totalling just under 900,000 square feet since July

Chicago /
Aug.August 30, 2021 02:17 PM
Faropoint CEO Adir Levitas and the facility (LinkedIn via Levitas, Colliers)

Faropoint CEO Adir Levitas and the facility (LinkedIn via Levitas, Colliers)

Investment firm Faropoint acquired another industrial facility in the Chicago area, expanding its portfolio amid growing demand from e-commerce and logistics firms for big-box warehouse space.

Faropoint bought a 43,538 square foot industrial facility on 2.5 acres at 900 Business Center in Mount Prospect, RE Journals reported. Jordan Kovalsky, senior vice president of Midwest markets at Faropoint, confirmed the purchase to The Real Deal, citing access to population, transportation and increased opportunities with supply chain demand.

“We’ve seen a ton of growth, specific growth in demand in the industrial market in Chicago and Illinnois,” said Kovalsky. “We are trying to build out the last-mile ecosystem and in order to do that we will have to continue to expand and grow.”

Faropoint closed on four transactions totalling just under 900,000 square feet in 10 buildings in the past two months. The properties are in Elk Grove, Glendale Heights, Carol Stream, Hanover Park, Bolingbrook and Elgin.

The vacancy rate for large-scale warehouse space fell to 6.29 percent in the second quarter, nearing a record low of 6.15 percent two years ago.

Major retailers such as Amazon have signed new leases, built out supply chains and shortened delivery times as online shopping surged during the pandemic.

[RE Journals] — Connie Kim






    Related Articles

    arrow_forward_ios
    Industrial sales booming in Chicago as EKJ Wheeling, Thor Equities pick up 500K sf of space
    Industrial sales booming in Chicago as EKJ Wheeling, Thor Equities pick up 500K sf of space
    Industrial sales booming in Chicago as EKJ Wheeling, Thor Equities pick up 500K sf of space
    LBA's Perry Schonfeld and the property (Showcase, LinkedIn via Schonfeld)
    LBA Realty pays $16.1M for Goose Island industrial property
    LBA Realty pays $16.1M for Goose Island industrial property
    Granite REIT buys 454K warehouse as industrial demand surges
    Granite REIT buys 454K warehouse as industrial demand surges
    Granite REIT buys 454K warehouse as industrial demand surges
    Chicago industrial real estate sales far outpace 2020 figures
    Chicago industrial real estate sales far outpace 2020 figures
    Chicago industrial real estate sales far outpace 2020 figures
    Faropoint CEO Adir Levitas with the Elk Grove property (Faropoint, LinkedIn via Levitas)
    Faropoint pays $14M for Elk Grove logistics warehouse amid surging market
    Faropoint pays $14M for Elk Grove logistics warehouse amid surging market
    E-commerce demand has Chicago warehouse vacancies near historic lows
    E-commerce demand has Chicago warehouse vacancies near historic lows
    E-commerce demand has Chicago warehouse vacancies near historic lows
    Bloomingdale Business Center at 300 Madsen Drive
    Trestle Fulfillment nestles into new warehouse lease
    Trestle Fulfillment nestles into new warehouse lease
    3835 Youngs Road and a rendering of the Abt Electronics warehouse in Glenview (Meridian Design Build via Vimeo, Abt)
    Chicago real estate is all about warehouses these days
    Chicago real estate is all about warehouses these days
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...