Investor purchases FARO Technologies production facility

A joint venture between The RSP Companies and Great Point Properties, both New York-based investment firms, has purchased the FARO U.S. manufacturing facility in Lake Mary for $5.15 million. The purchase of the 36,401-square-foot property, located at 125 Technology Park, marks the company’s first investment in the Central Florida commercial real estate market

Joe Rossi, CCIM, and T.J. Campton, CCIM of Colliers International Central Florida represented the seller, Emma Investments, LLC. The buyer is 125 Technology Park, LLC. FARO is the building’s only tenant.

“The FARO building received significant interest and offered several features investors found attractive,” said Joe Rossi, CCIM, Executive Managing Director of Investment Services at Colliers International Central Florida. “The investment offered over six years of cash flow in an area surrounded by some of Orlando’s top demographics in terms of household income, schooling and workforce proximity.”

Based in Lake Mary, FARO (Nasdaq: FARO) develops and manufactures leading-edge solutions that enable high-precision 3D capture, measurement and analysis that digitize complex geometries of prototypes, products and assemblies across a variety of industries, including manufacturing, construction, engineering and public safety.

The property, located in Technology Park, was custom built for FARO in 1991. Since then, the company has completed extensive renovations to the property, adding clean rooms, chilled research and development laboratories, climate-controlled rooms and walk-in coolers. Additional power and HVAC units have also been added to the facility.

“There is typically more risk associated with single-tenant spaces because of the cost to backfill and refit the space should the tenant move out,” said T. J. Campton, CCIM. “However, FARO has occupied this building for close to 30 years and has demonstrated its long-term commitment to the space by investing in a number of improvements.”

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