Jeff Dunne, Steven Bardsley and Ketchum Secor of CB Richard Ellis brokered the deal on behalf of sellers Cappelli Enterprises-directed DM Development Inc. and LC Development, garnering $36.22 per sf for the five-year-old building. The new owner purchased the property for Hampshire Partners Fund VI. Solo will continue to occupy the facility under a long-term lease.
Located at the intersection of Houcksville Rd. and Rte. 30, the distribution facility was originally developed for SF Holdings' Sweetheart Cup Co. Solo acquired SF Holdings last year. "We are very adept at seeking out well-located, investment-grade facilities that are attractive to, or currently under lease to credit tenants, thereby delivering above market returns for our investors," Hampshire executive vice president Norman A. Feinstein says. "This particular property is a high quality asset that offers great long-term cash flow stability."
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