(To read more on the industrial market, click here.)

TROY, MI-STAG Capital Partners has purchased four properties, made up of 92,685 sf of office, flex and manufacturing facilities. The four properties range in size from 16,584 sf to 39,071 sf and are 100% leased to I Logic Inc., Michigan Bell Communications, Image Televideo, Wiltel Communications and Progressive Marketing.

Barry Swatsenbarg and Rich Deptula of Friedman Real Estate Group Inc. brokered the transaction for the seller. Mike Chase, vice president of STAG, represented his company. Chase tells GlobeSt.com that the company specializes in acquiring single-tenant properties, and owns about 100 warehouse, flex, manufacturing and office buildings. Michigan is one of the prime areas for acquisition right now, because of the struggling economy, he says. “We’re a yield buyer, and there are many opportunities for yield present in the Michigan area,” Chase says. “Our strategy is to be an aggregator of these industrial properties and pull them into portfolios.”

Chase says the recent purchases include three single-tenant buildings and one two-tenant property. Most of the leases are short-term, and they were purchased at a cost of more than $6.5 million, he says. He says he can’t provide the average lease rate, but says that the highest rate is in the double-digit range.

STAG, based in Boston, purchased two properties in the Midwest in January, The company bought a fully leased 250,100-sf manufacturing facility in Lansing, MI, and 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 in Dayton.

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