"It was on the market for 12 months," says Tyndall Yapp, an industrial broker with Grubb & Ellis Co. "It [the list price] started at $3.24 million, we dropped it to $2.9 million and we got into a situation where the bidding went back and forth until we did a best and final." Flatrolled Steel not only made the highest offer for 9302 Ley Rd. in Railwood Industrial Park, but closed the deal in 30 days, he tells GlobeSt.com.
The seller was MacSteel Service Centers USA of Bensalem, PA. "They owned this building through a series of company acquisitions and they have another facility nearby and this one was just duplication," Yapp says. He and partner Thad Hickman brokered the deal.
The asset has an extra eight acres either for outside storage or to triple the size of the existing building, Yapp says. The five-year-old building features two 35-ton cranes, a pair of 20-ton cranes and rail service. "It's an incredible building, but it's overkill for a lot of users even though they loved the building," he explains. "It sold for a high price per sf and it was too expensive for a fabricator."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
