Faropoint, a US investment real estate firm has acquired an industrial building and data center in Glen Burnie, Maryland for $10 million.

The property, located at 6704 Curtis Court, sits on 5.38 acres and spans 58,883 square feet (5470 sqm). The site is 82 percent leased to Vision Technologies on a long-term basis and serves as its corporate headquarters. Colliers represented the seller, a private investor, in the deal.

6704-Curtis-Ct-Glen-Burnie-MD Colliers.jpg
– Colliers

“This is a high-quality headquarters facility with renovated executive offices and amenity space as well as very functional warehouse and data center space,” Michael Blunt, executive vice president at Colliers, told the Commercial Observer. “There is also a 10,800-square-foot (1,000 sqm) vacancy to lease, creating upside potential in an industrial market with very little space available for lease.”

Vision Technologies is a systems integrator supporting Fortune 500 and hyperscale data center customers with on-site IT support, audio visual, and security systems, and the design and installation of low-voltage cabling systems.

Originally built around 1979, the building received a $4 million renovation – including painting the building exterior and making upgrades to the HVAC, electrical, workspaces, and common areas – in 2020, which also created a 10,800 square-foot vacant suite for the new owner to lease.

The previous seller decided to sell because “their acquisition strategy was promptly executed and wanted to provide the next owner with both long term cash flow and leasing upside potential,” said Blunt.

Founded in 2012, Faropoint is a US real estate investment firm that focuses on last mile industrial real estate. It currently owns and manages more than 20 million square feet (1,9 million sqm) of industrial assets along the southeastern US and Midwest. The company recently sold a portfolio of 109 Last-Mile warehouses for $481 million.

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