Faropoint said Monday it acquired a four-building, multi-tenant industrial portfolio in Ontario, further expanding its presence in the Southern California market. Terms of the acquisition were not disclosed.
Built in 2006 by Panattoni Development, the approximately 243,000-square-foot portfolio comprises four Class A industrial buildings. The properties are 97.6% leased to 29 tenants and feature 20′-25′ clear heights, 150′ shared truck courts, front park/rear load configurations and attractive finishes, according to Faropoint.
“Following our recent entry into the Los Angeles market, this portfolio acquisition significantly expands our Southern California footprint in a strategic location near the Ontario Airport,” said Harold Levy, VP of acquisitions at Faropoint. “These high-image assets offer excellent small bay buildings in the Ontario market, with attractive specifications including both dock-high and grade-level loading, impressive curb appeal, with well-appointed store front improvements that are in high demand among today’s diverse industrial users.”
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