DAYTON, OH-Boston-based STAG Capital Partners has purchased a 164,000-sf industrial facility currently leased by Plastech Engineered Products, a designer and manufacturer of plastic injection molded automotive components, for about $4 million. The building is on seven acres of land at 2350 Dryden Road.
Digger Daley of Colliers Turley Martin Tucker represented the seller, 2350 Dryden Road LLC, while Dave Noonan of CTMT represented STAG. Dave Pizzotti of STAG did not return a phone call about the purchase price for this deal.
The company made a few other Midwest purchases in 2006. In May, the firm purchased a 169,955-sf warehouse and distribution facility in Eldridge, IA. The purchase price for the 15-year, net-lease deal was just north of $8 million. In March, the company purchased two Midwest properties from iStar Financial. The first property, a 249,920-sf warehouse and distribution facility, is located on 29 acres of land at 2201 E. Loew Road in Marion, IN. The second property is a 113,270-sf distribution facility located at 5015 S. Water Circle in Wichita, KS. In June, the company purchased a 414,700 SF warehouse and distribution facility in Plymouth, MI that is fully leased to Spartan Stores Inc., a regional grocery distributor and grocery retailer, operating principally in Michigan and Ohio.
STAG targets singe-tenant, net-leased properties via third-party transactions and corporate sale-leasebacks. Property types include warehouse, flex, manufacturing and office buildings.
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