Faropoint Ventures has closed on a $33.1 million dollar industrial portfolio in Memphis, TN. The nine building portfolio known as MIAC (Memphis International Airport Center) was acquired from Connecticut-based Greenfield Partners, LLC. It consists of over 1.1 million square feet of class A and B warehouses with anchor tenants including FedEx, Kohler, United State Postal Service, and DHL.
Brian Califf, Executive Vice President with NAI Saig company, represented Faropoint in the transaction. Califf said that Faropoint continues to be bullish on the Memphis Market, and this acquisition allowed them to take a larger position in the industrial segment that is rapidly growing. Faropoint currently owns and operates Outland Business Center which it acquired in early 2016 for just over 13 million dollars. Califf says, "The latest acquisition of MIAC is a great fit for the industrial segment of our portfolio, and will bring our industrial square footage to over 1.5 million feet locally."
NAI Saig Company has been selected to do the leasing on the portfolio with Elliot Embry, SIOR and Brian Califf, CCIM, leading the leasing team for Faropoint. The portfolio was 93% occupied at the time of sale, but Califf says we do have a few class A spaces remaining to lease with 30 foot clear ceiling heights.
You can view a full, more detailed article with the Memphis Daily News by clicking here.