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Jax Daily Record Tuesday, Apr. 20, 202101:48 PM EST

Faropoint buys Westside property

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NAI Hallmark says the company plans more Jacksonville investment.

The Jacksonville-based NAI Hallmark commercial real estate brokerage and property management firm announced it represented Faropoint in the $1.45 million purchase of a 24,000-square-foot industrial distribution facility at 6959 Stuart Ave. 

Senior Vice President Daniel Burkhardt and Vice President Jason Purdy represented Faropoint in the acquisition of the Westside property, which is near Interstate 95 and I-10.

Larry Walshaw of KW Commercial represented JRVJ, the seller.

“Faropoint has acquired over $600 million in industrial real estate across the United States and has identified Jacksonville as a target market to expand their portfolio,” Burkhardt said in a news release.

“We look forward to working with them on additional acquisitions in our market.”

Purdy said Faropoint’s acquisition “is another example of the growth and strength of the Jacksonville industrial market.”

“Jacksonville continues to attract investments from global investors that previously looked to larger markets for better returns.”

Vadim Greenberg, Faropoint acting as head of acquisition, said the deal is the company’s first acquisition in Florida “and demonstrates our conviction in Jacksonville and the southern I-95 corridor as a strategic location for distribution across the Southeast.”

He said Faropoint plans to buy $50 million worth of industrial properties in Jacksonville during 2021.

The single-tenant property comprises a 24,000-square-foot industrial distribution facility and is fully occupied by Acousti Engineering of Florida. 

Faropoint, founded in 2012, is a real estate investment firm focused on last-mile distribution facilities. It has more than 150 properties and with more than 13 million square feet acquired to date.

Faropoint is based in Israel with U.S. offices in Memphis, Tennessee.


 

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