"It's a single-tenant industrial property leased to a strong credit tenant in a solid industrial market that we were able to pick up at a good return," Mike Chase, managing director with STAG, tells GlobeSt.com. "It's straight down the middle of the types of deals STAG acquires."
The property was built in 1993 and is located on a 17.4-acre site at 300 Forum Parkway. Highwood originally developed the building, says John Schultz, a partner with Triad Commercial Properties, which represented the seller in the transaction.
"The company is divesting of most of their industrial property in this market and focusing on office," he says. "It was part of Highwood's overall strategy." The price paid for the property is at market value, says Schultz, but he could not disclose any more details about the transaction.
"There's not a lot of deals being closed in today's market conditions, but we were able to perform under the terms we had gone under contract for," says Chase, adding that the company has existing lenders it uses to finance all of its deals.
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