Faropoint buys Inland Empire industrial portfolio
Four small-bay industrial buildings in the Inland Empire have sold to an investor expanding in Southern California.
New Jersey-based investment manager Faropoint bought a 243,000-square-foot multi-tenant portfolio in Ontario as its second transaction in Greater Los Angeles.
Built in 2006 by Panattoni Development, the Class A industrial buildings were nearly 98% leased to 29 tenants. Property features include 20- to 25-foot clear heights, shared truck courts and both front-park and rear-load design options.
Faropoint plans to implement capital improvements at the properties including roof management, HVAC replacements and some interior upgrades. The portfolio sits near Ontario International Airport, Interstate 10, Interstate 15 and Route 60.
Faropoint entered the L.A.-area market last month after purchasing an industrial facility at 605-655 Hawaii Ave. in Torrance.
Following its recent entry into the region, the Ontario portfolio acquisition significantly expands the investor's Southern California footprint in a strategic location. Faropoint Chief Investment Officer Ohad Porat said in a statement that the buildings represent the kind of strategic investment the firm seeks when expanding in new markets, adding that the acquisition builds on its momentum on the West Coast.
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