"Despite the challenging capital market conditions, we were ableto generate a very intense level of competition with 16 offers froma broad range of buyers," says Bill Tourtellotte, SVP of theNewtown Square, PA-based GMH Capital Partners, who arranged thesale for Long Ridge. "Interestingly, while higher pricing levelswere indicated from our marketing process, this buyer was selectedbecause of their capabilities for a streamlined and time-sensitiveexecution.

"This was critical for the seller in this instance,"Tourtellotte says. "Cobalt did a fabulous job of living up to theexpectation. The top buyers in the mix understood and embraced theunique nature of this facility and its value to heavy materialsusers in a highly accessible market area."

The building was fully occupied by Home Depot at the time ofsale. The home improvement chain, which uses the site as a lumberand heavy materials logistics operation serving regional stores,has been in the building for 15 years.