Faropoint has announced the closing of their first acquisition in the Chicago market. Faropoint opened their Midwest office, led by Jordan Kovalsky, just over two months ago. “Faropoint is excited to plant the flag in Chicago with this first acquisition. We have had a fast paced first two months with this deal being the first of many to close in the coming weeks.,” said Jordan Kovalsky, SVP of Midwest Markets at Faropoint.
Faropoint has quickly penetrated the Chicago market by leaning heavily on the local brokerage community. “This acquisition is part of our ongoing effort to expand our portfolio in the Midwest. The Midwest markets continue to present opportunities to acquire industrial assets at a significant discount to replacement cost. We are finding that developers are no longer able to easily develop product below 150,000 square feet due to the rising cost of construction.”
Transwestern represented the Seller, Shah Badah Living Trust, in this transaction, the purchase of a 30,000 square foot industrial facility located at 561 Mitchell Road in Glendale Heights, IL. The acquisition closed for $2,200,000.
