An industrial investor with plans to invest up to $200 million in the Chicago market bought three more properties.
Faropoint, based in Ramat Gan, Israel, bought three warehouses totaling 114,000 square feet in Elk Grove Village, Des Plaines and Addison, the Chicago Business Journal reported. The purchases, whose price wasn’t disclosed, help the company with its year-end goal to inject $200 million into the city.
410 Factory Road in Addison (Google Maps)
The properties at 1100-1150 Howard Street in Elk Grove Village, 410 Factory Road in Addison and 1701 Birchwood Avenue in Des Plaines near the airport are all 100 percent occupied, according to Jordan Kovalsky, senior vice president of Midwest markets for Faropoint.
“Faropoint acquired these assets due to their proximity to O’Hare, population and the limited ability to develop these size assets,” Kovalsky told the publication. “We are still primarily targeting submarkets in and around O’Hare.”
Kovalsky, who represented Faropoint in all three sales, told the publication that the company, which has headquarters in New Jersey as well as Israel, has invested $180 million in the Chicago market over the past 12 months, including $55 million so far this year.
Faropoint acquired a 62,000-square-foot property at 121 Moonachie Avenue in the Meadowlands, New Jersey, in March. The company paid $17.7 million for the property occupied by digital printing company Content Critical.
Faropoint also paid $59 million for a complex of warehouses in Texas throughout the month of May. The six properties represent almost 550,000 square feet of warehouse space in the Dallas-Fort Worth metroplex.
Last year, the firm bought 144 warehouses in about 80 deals valued at around $750 million, more than tripling its 2020 spending, Adir Levitas, Faropoint’s founder and CEO, told The Real Deal in January.
“When we finish the composition, we will have a portfolio that is poised to be interesting to the largest pool of buyers out there,” Levitas said.
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— Victoria Pruitt