Faropoint, a Hoboken, NJ-based real estate investment firm focused on last-mile industrial properties, has secured a $150 million acquisition line with a leading U.S. financial institution for its Industrial Sale-Leaseback (ISLB) Fund. This marks the second loan facility provided to Faropoint by this institution, following a previous $130-million facility for Fund II.

The ISLB Fund was launched earlier this year with a $300-million target. It aims to capitalize on the debt gap created as local and regional U.S. banks reduce commercial real estate exposure.

“This $150-million acquisition line from our financial partner is a testament to the strength of our ISLB strategy and our ability to identify and execute on attractive opportunities in the last-mile industrial sector,” said CFO Idan Tzur. “We’re pleased to expand our relationship with a trusted institution, whose expertise and financial strength align perfectly with our growth objectives and empower us to navigate today’s challenging credit environment with confidence.”

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.