Ashley Furniture Distribution Center
ST. LOUIS–One Liberty Properties Inc. has purchased an Ashley Furniture Distribution Center for $10 million. The 119,680-square-foot building, which is located at 97971 Green Park Industrial Dr., was sold by an affiliate of private equity group Mohegan Capital.
“The buyer was primarily motivated to own this distribution center as they own the tenant's headquarters in Memphis,” Colin Couch, associate director at Stan Johnson Co., told GlobeSt.com.
Couch and Jason Powell of Stan Johnson represented the seller.
The single-tenant, Class A facility was built in 2008 and has 38-foot clear height. Located in the southwestern area of St. Louis, this property is near other national tenants like Nestle Purina and McCay Tool & Engineering.
The facility received interest from both institutional and private investors, and sold One Liberty at a 7.2% cap rate.
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