BOSTON-Two portfolio packages--one containing seven Federal Express distribution centers and the second comprised of 10 Dick's Sporting Goods stores and a PetSmart--have hit the market. The seller, a Massachusetts developer affiliated with Springfield-based Berkshire Acquisitions Corp., opted to divest of both portfolios because the investments have reached the end of their holding period.
James Koury, senior vice president with Spaulding & Slye, tells GlobeSt.com that the portfolios could bring in as much as $170 million. "Dicks is at the forefront of their industry. They're in an upward trend and in great locations." He adds that the FedEx portfolio features all freeway interchange locations. "The company is dominant in its field. Put that all together and most investors appreciate that."
Koury says the seller will be reviewing offers next week on the retail portfolio. All of the spots are located in or near super regional malls throughout the Northeast and Midwest with leases ranging from 15 to 20 years. That portfolio, which totals 543,000 sf, is expected to fetch at least $75 million, Koury says.
The second offering is comprised of seven Federal Express distribution centers totaling 546,000 sf and all with new 10-year leases. All of them are located along highway interchanges in Georgia, Idaho, South Carolina, Pennsylvania, Massachusetts and Maine. That portfolio sale is expected to top $62 million, Koury notes.
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