Faropoint Expands Presence with New Distribution Center
Faropoint, an esteemed U.S.-based real estate investment firm, is making significant strides in the industrial real estate sector. Recently, it has successfully acquired a 73,000-square-foot distribution center located in an essential area of Atlanta. This investment was finalized for a total of $8,463,636, translating to approximately $115.94 per square foot.
The Distribution Center Details
This center is located in Norcross, Georgia, which is part of the vibrant northeast Atlanta market. Currently, it is fully occupied by SRS Distribution, recognized as the fastest growing distributor of building products in the United States. The arrangement with SRS Distribution operates on a triple net basis, ensuring predictable income for Faropoint.
Investment Highlights
The industrial property boasts impressive features, including clear heights of 22 feet, four external docks, and two drive-in doors. Covering a sizeable 9.93-acre site, there is also potential for outdoor industrial storage, which can enhance operational efficiency.
Experts Weigh In
Kurt Hediger, the senior vice president of Graystone Capital Advisors, played a critical role in this acquisition, representing Faropoint throughout the transaction. Hediger remarked, "1400 Beaver Ruin Rd is a unique opportunity to reposition a well-located facility.” His insights highlight Faropoint’s intention to renovate both the interior and exterior of the facility significantly.
Strategic Location and Future Potential
Faropoint's acquisition is strategic, given the prime location of the distribution center. Situated near vital highways such as I-85 with connections to I-283 and Hartsfield-Jackson Atlanta Airport, this site offers excellent accessibility. The Norcross area benefits from its location between the affluent northern suburbs and Atlanta's urban core, making it a desirable spot for industrial tenants.
Forward-Looking Strategies
According to Dave Zealear, Director of Acquisitions at Faropoint, the Norcross sub-market presents a unique value proposition. He states, “With the property's strategic location and outside storage component, we see significant opportunity to reposition the property.” This acquisition underscores Faropoint's commitment to identifying and optimizing properties that can leverage operational capacities in areas experiencing high demand and low supply.
About Faropoint
Faropoint is a real estate investment firm that specializes in last mile industrial real estate. With an emphasis on enhancing value through strategic property management and development, the firm is well-positioned to capitalize on market opportunities.
Frequently Asked Questions
What is the significance of the acquisition for Faropoint?
The acquisition enhances Faropoint's industrial footprint, positioning the company strategically for future growth in a high-demand area.
Who represented Faropoint in the transaction?
Kurt Hediger from Graystone Capital Advisors served as the representative for Faropoint during the acquisition process.
What are the features of the new distribution center?
The center features clear heights of 22 feet, four external docks, two drive-in doors, and substantial land for outdoor industrial storage.
Why is the Norcross location considered valuable?
Norcross offers a prime location, bridging the affluent northern suburbs and the urban core of Atlanta, reducing transportation costs for tenants.
What are Faropoint's future plans for the property?
Faropoint plans to implement substantial renovations and reposition the asset to meet strong market demand for quality industrial space.