Faropoint Purchases 4 Jax Warehouses for $62M

Faropoint has picked up four warehouses in Northeast Jacksonville. The four warehouses in the Alta Lakes Commerce Center sold for $62 million. The seller, DRA Advisors, bought them in 2017 for a total of $30.4 million. Amazon and Sam’s Club are tenants.

The warehouses, which total over 600,000 square feet of space, are at 11084 and 11070 Cabot Commerce Circle and 2550 and 2562 Cabot Commerce Drive, across from an undeveloped parcel owned by DRA Advisors that, according to the property listing, could be used for a second phase of the center.

The Jacksonville Business Journal reports that Faropoint has acquired more than 400 warehouses across the country. It’s known for buying small—to medium-sized logistics assets, with an average deal size of $5 million and 60,000 square feet per asset. This deal far exceeded those parameters.

Newmark Phoenix Realty Group represents the properties in leasing.