JOHNSTON, R.I. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 144,187-square foot distribution center leased to FedEx in Johnston.
“This transaction shows that quality assets with quality tenants are still demanding premium pricing in this market,” says Kunofsky.
The property is located at the Lakeside Commerce Center, which is directly off Interstate 295 and seven miles from the airport in central Rhode Island. Built-to-suit in 2008 for FedEx Ground, the 22-plus acre site was developed with room for a 27,720-square foot expansion.
The closing cap rate was 7.5 percent.
The sales price of $15 million represents $104 per square foot.
Glen Kunofsky, (top left photo) senior vice president investments and a senior director of the firm’s Net Leased Properties Group in Manhattan, and Judson Kauffman, (bottom right photo) a net-leased properties specialist also in Manhattan, represented both the buyer and seller.
Steve Witten, (bottom left photo) a first vice president investments at Marcus & Millichap, assisted in this transaction locally.
“This transaction shows that quality assets with quality tenants are still demanding premium pricing in this market,” says Kunofsky. “The buyer was extremely happy with the property, the overall return and the financing terms,” adds Kauffman.
The property is located at the Lakeside Commerce Center, which is directly off Interstate 295 and seven miles from the airport in central Rhode Island. Built-to-suit in 2008 for FedEx Ground, the 22-plus acre site was developed with room for a 27,720-square foot expansion.
The distribution center’s initial double-net lease commenced June 1, 2008 and has a 10-year term that expires in May 2018. FedEx has the option to extend the lease with two five-year renewal options.
The closing cap rate was 7.5 percent.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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