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The three-building industrial portfolio totaling 500,081 square feet is located in the Green Bay, WI and Northeastern Pennsylvania MSAs and are all 100% leased to Progressive Converting, Inc.
The former chemical manufacturing facility will be redeveloped into a residential rental building with a number of attractive amenities, parking and retail stores.
“One of the most astute investors on the planet is buying here. That should tell you something,” says Will Silverman, the sellers' broker, in a GlobeSt.com interview.
The California State Teachers' Retirement System is reportedly joining L&L Holding Co. in buying a stake that's separate from the Normandy Real Estate Partners' interest in the former brick warehouse.