The acquisition of the 13-year old park, which consists of two buildings on 2.45 acres, was the first purchase for a new fund formed by Cornerstone.
Normandie Business Center was 96.3% leased to 28 tenants as of the sale date. The area remains a tight industrial market, Cornerstone senior vice president Dominic J. Petrucci pointed out, noting that the vacancy rate is about 4%.
Mike Randall and Kevin Shannon of Grubb and Ellis represented both the buyer and seller. Cornerstone named Britt Shuford and Bill Palmer of Leonard & Ohren as the leasing agents.
Cornerstone was established in 1989 to specialize in multi-tenant industrial park investments. The company has sponsored nine acquisition funds that have focused exclusively on such investments.
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