MORRISVILLE, NC-With an eye toward redevelopment, Casto Southeast, LLC has acquired a 478,578-sf industrial building for $22.5 million. Andrx Pharmaceuticals, Inc. was the seller.
The deal did not carry a cap rate because the property at 9709 Chapel Hill Rd. was vacant at the time of the sale, Chris Skibinski, director of industrial services, the Staubach Cos.-Carolinas, tells GlobeSt.com. Skibinski of the Charlotte office and Bill Sandridge of Staubach's Raleigh office led the disposition on behalf of Andrx.
Casto Southeast plans to redevelop the property, situated on 98 acres, into retail and mixed-use, Skibinski adds; however, not timeline for completion was available. Casto Southeast was unrepresented in the deal, according to Staubach.
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