Small Bay Daily - April 2 - Faropoint secures $223M refi from Blackstone for industrial portfolio

Good morning. Welcome to Small Bay List! In today’s issue, we’ll discuss Faropoint’s 3rd refi from BREDS and Rockpoint’s recent NC acquisition.

Now, let’s get to it!

NEWS ROUNDUP

FINANCING: Faropoint secures $223M refi from Blackstone for industrial portfolio. Faropoint has secured a $223M refinancing with Blackstone Real Estate Debt Strategies (BREDS) for a portfolio of 27 industrial buildings in its Industrial Value Fund III. The 1.7M SF portfolio spans 7 markets across the US. This is Faropoint’s 3rd BREDS deal. The Faropoint deal team included Idan Tzur and Mark DeCesare. The BREDS deal team included Tony LaBarbera.

ACQUISITION: Rockpoint buys shallow bay portfolio in Raleigh and Charlotte, NC, markets. Rockpoint has acquired a portfolio of 2 multi-tenant assets in North Carolina totaling 279,507 SF across 6 buildings. Fred Borges and Benjamin Harris led the Rockpoint deal team. The properties are:

• I-77 Commerce Center, located at 9905 Statesville Road in Charlotte — 3 buildings totaling 151,510 SF

• Garner Commerce Center, located at 2545-2585 US-70 in Garner (Raleigh-Durham MSA) — 3 buildings totaling 128,006 SF

DISPOSITION: Lucern sells small bay park in Charlotte, NC, for $12.3M. Lucern Capital Partners has completed the sale of Crosslake Park, located at 131 Crosslake Park Drive in Mooresville, North Carolina. The park features 2 multi-tenant industrial buildings totaling 55,000 SF and is fully leased. Lucern’s hold period for the property was roughly 2.5 years. Frank Forte led the Lucern deal team in the transaction.

DISPOSITION: CBRE sells small bay park in San Diego. CBRE has facilitated the sale of Kearny Mesa West, located at 7292-7370 Opportunity Road, 7243-7330 Engineer Road, and 7257-7343 Ronson Road in San Diego, California. The property features 16 multi-tenant industrial buildings totaling 210,871 SF. The buyer was H.G. Fenton. Hunter Rowe, Joe Cesta, Eric Cox, and Matthew Carlson with CBRE represented the seller in, CIM Group, in the transaction.

DISPOSITION: NAI Realvest sells small bay asset in DeBary, FL. NAI Realvest has facilitated the sale of 402 Chairman Court in DeBary, Florida. The property features a 3-unit, 12,000 SF small bay industrial building. Stian Funk, Kevin O’Connor, and Matt Cichocki with NAI Realvest represented the seller in the transaction.

READ: Catching up with our friend Lee Sager. Lee Sager with Camps Bay Capital Advisors reports on the Small Bay Summit and his current projects.

FROM OUR PARTNERS

As experienced industrial operators, we understand the unique dynamics of Small Bay assets. Our high leverage lending solutions are designed for Industrial, providing the flexibility investors and operators need to execute on their business plan.

SMALL BAY PROPERTIES FOR SALE

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SMALL BAY PROPERTIES FOR LEASE

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15,300 SF | 1.25 AC | 2 Drive-in Doors | 1,295 SF Office | 20’ Clear Height | Fenced and Gated Outside Storage Yard | Located in Established Business Park | Direct Access to S Loop 4 and Quick Access to IH-35

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30,640 SF Available | 100% HVAC | Warehouse with 3 Loading Docks | ±700 SF Office Space with 2 Offices and 2 Restrooms | 16’ Clear Height | Onsite Property Management | Heavy 3-Phase Power | Brand-New Roof and Exterior LED Lighting | Close to I-30, I-35, I-20, Loop 820, and Chisholm Trail Parkway

ONE MORE THING

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