PHOENIX-First Industrial Realty Trust Inc. has sold a 500,000-sf manufacturing build-to-suit for Le Natures Inc. to CBRE Investors for more than $88.5 million. The deal came with a 25-year, triple-net lease valued at more than $150 million.
Le Natures, headquartered in Latrobe, PA, uses the 30.12-acre development for manufacturing, distribution and research and development. The Chicago-based First Industrial delivered the 615 N. 48th St. complex in August 2005.
"This was the plan from the beginning--that the partnership that owned the real estate was designed to build, lease and sell the building, whatever it was going to end up being," says Mark Krison, vice president in Phoenix for CB Richard Ellis Inc. He and CBRE's John Glassmoyer in Phoenix plus CBRE's Chicago team of Andrew Sandquist and Robert Brennan negotiated on behalf of the seller, which included Kevin Czerwinski, a First Industrial senior vice president in Phoenix. CBRE Investors was self-represented in the transaction.
Krison tells GlobeSt.com that the build-to-suit development, marketed for 30 days, drew several offers, with CBRE Investors getting the nod due to its performance history with the seller. Positioned near Sky Harbor International Airport, the complex was laid out with 70,525 sf of office space and production and distribution space with 30-foot clear heights. Le Natures Inc. produces and distributes all-natural, non-carbonated beverages like water, lemonade and iced tea in plastic bottles. It reportedly has one of the nation's most advanced beverage manufacturing systems. The Phoenix facility has the capacity to churn out 32 million cases of 20-ounce bottled water at full production.
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