Business Sale Spurs $30M-Plus Industrial Portfolio Disposition

MIAMI-After selling Sweet Paper Sales Corp. to a subsidiary of Des Plaines, IL-based United Stationers on May 31, locally based Scheck Family LLC has put its five-building industrial portfolio up for sale. The properties aggregate 727,189 sf and are located here and in Tampa, Orlando, Atlanta and Raleigh, NC.

After selling the business to Lagasse Inc., which is a New Orleans-based wholly owned subsidiary of United Stationers, the family wanted to also dispose of the buildings in order to concentrate on other business, according to Jonathan Kingsley, managing director and EVP in the local office of Grubb & Ellis. "Following the sale of Sweet Paper Sales, subsidiaries of United Stationers became not only the owner of the former company, but also the buildings' tenant under a master lease," he tells GlobeSt.com.

Kingsley and Grant Savage, SVP of investment services in the Miami office, and Brian DiRienzo, who has the same position in Grubb & Ellis' Boca Raton office, are marketing the portfolio. "The current master lease encompasses 100% of the portfolio and runs through the next three and a half to four years," Kingsley says. "The rental rate is for one net dollar amount, and that is about $2.6 million a year.

"The portfolio is being marketed as a package with the master lease," he says. "There is no asking price, but it is expected to sell over the $30-million range." The largest of the buildings is an approximately 300,000-sf warehouse distribution facility here. The Atlanta property is approximately 185,000 sf; the Tampa facility is about 88,000 sf; Orlando, 90,000 sf; and Raleigh, about 71,000 sf.

"They are all well-located, and United Stationers is a publicly held Fortune 500 company, which provides the buyer with a secure return," Kingsley notes. United Stationers is the largest broad-line wholesale distributor of business products in North America. It had net sales of approximately $4 billion in 2004.