Adir Levitas And Harold Levy Of Faropoint Acquire Industrial Portfolio In Ontario For $63.6M

Faropoint acquired a four-building industrial portfolio located at 1930 South Rochester Avenue, 2260 South Archibald Avenue, 12580 Philadelphia Street, and 1920 South Rochester Avenue in Ontario, CA for $63.6 million. The properties encompass a total of 243,000 square feet, translating to a price per square foot of $262. This acquisition is noted as Faropoint's second deal in Southern California and aims to expand its presence on the West Coast. The Class A properties are currently 97.6% leased to 29 tenants and are situated near Ontario Airport in a submarket characterized by a vacancy rate of less than 5%. Faropoint plans to implement capital upgrades under its value-add strategy.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $63,600,000
• Asset Size: 243,000 square feet
• Location: Ontario
• Buyer: Adir Levitas & Harold Levy - Faropoint
• Seller: Adon Panattoni - Panattoni Development
• Price per Square Foot: $262
• Occupancy Rate: 97.6%
• Number of Tenants: 29
• Vacancy Rate in Submarket: Less than 5%

Key individuals involved in this transaction include Adir Levitas and Harold Levy representing Faropoint as the buyers, while Adon Panattoni served as the seller representing Panattoni Development. This transaction underscores Faropoint's strategic initiative to enhance its industrial portfolio in competitive markets.