VOL. 132 | NO. 219 | Friday, November 3, 2017
Faropoint Acquires Office Portfolio for $19.3M
By Patrick Lantrip
Fresh off of the sale of the Trustmark Centre, Faropoint Ventures has acquired two more substantial office assets.
The Lipscomb Pitts Building, located at 2670 Union Ave. Ext., and Poplar Towers, located at 6263 Poplar Ave., were both purchased by the Israeli investment firm for $19.3 million using the capital they accrued from the aforementioned deal.
Brian Califf, executive vice president NAI Saig Co. represented Faropoint while Johnny Lamberson and Terry Radford CBRE Memphis represented the sellers, Morning Calm Management, which was doing business as IR-Poplar Towers LLC and IR-Lipscomb and Pitts Building, respectively.
“This latest set of acquisitions shows Faropoint’s commitment to keeping their funds deployed in the Memphis Market,” Califf said. “They are actively seeking new office and industrial deals to purchase by year end and into the first quarter of next year.”
Since this latest acquisition also includes the high-end restaurant Fleming’s, and an AT&T store, it adds more than 218,000 square feet of office space and 14,000 feet of retail space along the Poplar Corridor to Faropoint’s portfolio.
The 2670 Union Extended building was 90 percent occupied at closing and is anchored by Lipscomb Pitts Insurance.
Meanwhile, Poplar Towers, which was formerly anchored by Regions Bank, was only 59 percect occupied at closing. However, Califf said Faropoint is planning a multimillion-dollar renovation to the building in the next seven to nine months that will give the building a whole new appearance inside and out. Currently, Carty and Co. is the building's largest tenant.
Lee Hunter with Capstar Bank financed the Poplar Towers acquisition while First Capital Bank in Germantown financed the Lipscomb Pitts acquisition.