The building, located at 60 Industrial Pkwy., is being sold by 60 IP LLC, which purchased it from Canadian investors in 2004. The price of the purchase is undisclosed, but the property reportedly changed hands for just under $4 million when bought by 60 IP LLC.
The facility is fully-leased, housing two tenants, the Mentholatum Co. a subsidiary of Rohto Pharmaceutical Co.--the manufacturer and marketer of OTC medicine and personal care products--and UPS Supply Chain Solutions. Mentholatum leases 40,000 sf at the property, where it relocated its warehouse and distribution operations from Grand Island, NY.
STAG is a Boston-based company which specializes in acquiring single-tenant industrial and office properties via third party transactions. In addition to buying third party assets, STAG also specializes in providing liquidity to corporate real estate owners through sale-leaseback transactions.
Earlier this year, STAG purchased a 148,000-sf warehouse and distribution center at 405 Keystone Dr. in Warrendale, PA, as well as a 201,800-sf facility at 200 Woodside Dr. in Lexington, NC. The firm also reportedly acquired the 250,000-sf 300 Forum Parkway in Rural Hall, NC from Highwoods Partners Inc. for just over $8 million.
Cheektowaga is considered one of the largest towns in New York State and is centrally located in Western New York. STAG Capital Partners did not return GlobeSt.com queries by deadline.
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