Shannon Rex of Dockerty Romer & Co., who arranged the financing, says, "The sponsorship took advantage of the historically low interest rate environment to recapitalize and maximize return on investment."
Rex also notes that, "the property is well-leased with a portion of the tenancy having a credit component, which is viewed favorably by securitized lenders."
The facility was built as a single-tenant manufacturing building in 1986. In 1996, the building was renovated and converted into a multi-tenant warehouse/distribution facility. Currently, the building is 100% leased. Federal Express Ground Delivery is the building's biggest tenant.
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