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WARRENDALE, PA-STAG Capital Partners has acquired the 148,000-sf warehouse/distribution building at 405 Keystone Dr. in the Thorn Hill Industrial Park. The facility was completed in 1999 as a build-to-suit for UK-based Serco Group, which is its sole tenant.

The seller is Robinson Properties LP, a local development company. Louis Oliva of the Pittsburgh office of Grubb & Ellis represented Robinson in the negotiations.

Mike Chase of STAG represented the buyer in house. He tells GlobeSt.com, “the price was in the $8-million range,” and he says the rent rate for the building is in the mid-$5 per sf. Serco “has a few more years on its lease,” he adds. Serco is a global provider of human resources, IT services, systems engineering and consulting to such entities as the US Defense Department and military, US Postal Service, state and local governments and commercial customers.

Boston-based STAG is a prolific buyer and manager of single-tenant, net-leased properties and it has been on a nationwide buying spree. In December it acquired two industrial assets in Ohio, for example, as GlobeSt.com reported. In the last half of 2007, according to other GlobeSt.com reports, STAG bought properties in Florida, Iowa, Michigan, Massachusetts, Upstate New York and Texas.

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