A current $20 million actual property transaction within the Metropolis of Napoleon was just lately accomplished, though using the property will stay the identical.
Mark Baringer, senior funding advisor and industrial realtor of NAI Harmon Group, just lately accomplished a $20 million sale of two warehouses situated at Napoleon Logistics Park, working with each the vendor and purchaser to create a transaction that was helpful to each events, together with a vendor leaseback.
“This property had curiosity from all throughout the nation due to the dimensions and high quality of the asset. The demand was sturdy as a consequence of development in e-commerce, logistical wants within the area and power within the economic system,” Baringer mentioned. “The customer first regarded on the property earlier than the COVID lockdown and negotiations began within the fall of 2020. The property was beneath contract for a number of months because of the COVID restrictions.”
In keeping with Baringer, the patrons are maintaining the property as warehouse and logistics, with the vendor — Keller Warehousing and Packaging — persevering with to lease the property again from the vendor in the meanwhile so there will probably be no change to the present use.
“The customer was initially within the 410,000 SF primary constructing and an extra 195,000 SF constructing was added to the transaction totaling 605,000 SF on 30 acre,” Baringer mentioned.
(Data courtesy of NAI Harmon Group.)