The properties include: the 236,000-sf Headline Services Building located in Aurora and occupied by Atomic Box, a third party logistics provider; the 92,100-sf VSA Building located in Twinsburg and occupied by Vistar, a food service company, and; the 66,200-sf Alumax Building located in Streetsboro that is currently unoccupied.
According to DDR's latest annual report, Atomic Box pays an annualized base rent of $744,109 or $3.15 per sf and Vistar pays an annualized base rent of $454,975 or $4.90 per sf. The Alumax Building in Streetsboro was most recently leased by a company of the same name that paid an annualized base rent of $325,000 or $4.91 per sf, according to the report.
DDR says the $14-million acquisition price equates to an 8.2% capitalization rate for the buyer, a private investor from Northern Ohio whose name the company did not reveal. DDR says it has now sold five assets from the AIP portfolio for a total of approximately $23 million.
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