The property was one of three buildings sold by Flint, MI-basedWest Second Street Associates. Meanwhile, Gerlicher Co. adds to aportfolio that already Social Security Administration building inYuma, AZ. The local deal was brokered by Bellevue, WA-basedInvestment Realty Advisors, Inc., which specializes in sellinginvestment grade credit properties.
In unrelated, net-lease deals, a private investment groupinvolved in a Section 1031 exchange acquired ConocoPhillipsproperties in Lockport and Oswego for a combined $7.6 million.ConocoPhillips franchisees hold 20-year triple-net leases on theproperties. The sale of the 3,342-sf Lockport asset was at an 8.2%capitalization rate while the 3,500-sf Oswego property traded at a7.8% cap rate.
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