Binswanger/CBB senior vice president Bob Wall represented Bridgestone/Firestone in the transaction. Jaime Weiss negotiated on behalf of Queen Anne Realty. Asking price for the property was $16 million, and while the sale price has not been disclosed, Wall tells GlobeSt.com the asset "was bought very attractively."
Bridgestone/Firestone hired Binswanger/CBB to market the property last spring and, despite having to overcome a few challenges presented by the massive facility, Wall says the transaction was concluded smoothly and on schedule.
"Bridgestone/Firestone really did want to sell this property quickly and we were able to do that," Wall tells GlobeSt.com. "It was built as a single-tenant building, so there were some irregularities; things you wouldn't do in a modern building, such as the number of docks, locations of docks, things of that nature."
The recent transaction is not the first between Bridgestone/Firestone and Queen Anne Realty. According to local reports, Queen Anne arranged the sale of two other Bridgestone properties: an 800,000-sf distribution center in New Jersey and a 1.6 million-sf manufacturing plant in Memphis. Bridgestone also reportedly hired Queen Anne as leasing agent for a 500,000-sf Pennsylvania asset.
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