Faropoint Ventures Sells Airport Industrial Park
Israel-based, Faropoint Ventures sold a large industrial park (MIAC) near the Memphis International Airport to Exeter Property Group for $44 million.
The MIAC portfolio is ideally located near the global “Superhub” of FedEx and a quarter mile east of the Memphis International Airport. The sale consisted of nine buildings totaling 1.1 million-square-feet. Ranging in size from 45,600 SF to 353,500 SF, the buildings were constructed in phases between 1986 and 2000.
In mid 2017, Faropoint acquired MIAC. Over the course of 2.5 years, Faropoint has increased occupancy and stabilzed key tenants in the park on long term lease agreements, including a 300,000 SF lease with FedEx Corp. Currently 95% of the property is leased to 15 tenants which include FedEx, the United States Postal Service and DHL.
The Israeli firm is still activley acquring industiral properties and plan to re-deploy this capital into new deals in 2020 across the Memphis and North MS markets. "We are looking to acquire more Memphis assets," Faropoint CIO, Ohad Porat said. "The Memphis market is fundamentally a good logistics market, with its combination of infrastructure, experienced labor pool, and low overall rental cost providing companies a true value opportunity when locating their [distribution centers] in Memphis." Currently most of Faropoint’s assests are in Memphis with a few industrial properties in Houston, Atlanta and Cincinati.
Brian Califf, CCIM and Elliot Embry, SIOR with NAI Saig Company represent Faropoint Ventures locally on their sales and leasing activity in the Memphis Market.