The property is comprised of a 183,124-sf manufacturing facility located at 35 Optical Dr., and a 15,860-sf office and computer center located at 70 Optical Dr., both fully leased to Aearo Company, a worldwide supplier of personal protection equipment.
Brad Sweeney, who represented STAG in-house in the transaction with seller Southbridge Associates II, LLC, tells GlobeSt.com that STAG's personal relationship with both the seller and the seller's broker, Stephen Campbell of Winchester Capital, LLC, helped solidify the deal before the property could be widely marketed.
It was the building's tenant, who holds a medium-term lease on the property, and recent plans to renovate and reposition the Southbridge Business Park, that drew the buyer's interest in the property, Sweeney says.
STAG, which acquires single-tenant, net-leased properties via 3rd party transactions and corporate sale-leasebacks, also owns two other properties in Marlborough, MA as part of its STAG Fund II portfolio.
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