"The owner has a large portfolio, they just thought it was timeto sell the property," says Bryan Ley, senior advisor with SperryVan Ness, which represented the buyer. "They want to move moremoney into development projects, so they're getting rid of some oftheir product."

The 134,650-sf property was built in 1992 for Pace Warehouse, aretail chain that was acquired by Sam's Club, which is owned byWal-Mart. "The company decided to convert the store into a fixtureswarehouse. Whenever they close a Wal-Mart, they move all thefixtures to this location, and then allocate the material to a newor existing Wal-Mart. You could call it a hub or outlet forsupplies for the company," Ley says. The public is not allowed intothe store, he says.

Since the store is in a prime retail area, across from storiessuch as Home Depot, the property and lease rate is treated asretail, Ley tells GlobeSt.com. "The annual lease on the property isabout $1.1 million, and it's leased until 2018," he says. "It washard to compare it during the sale. There's possible industrialbuyers, but it's too pricey for them; and there's retail buyers,but it's not being used as a retail store. Ultimately, theretailers like it because it has good intrinsic value, if thetenant ever leaves it can be used as a store again."