Boulder Group Closes Ohio Net-Leased Warehouse Deal

President Randy Blankstein and Partner Jimmy Goodman represented both parties in the sale of the nearly 315,000-square-foot building.
100 Paragon Parkway. Image courtesy of The Boulder Group

The Boulder Group has arranged the $10.5 million disposition of a 314,736-square-foot triple-net leased industrial property in Mansfield, Ohio. President Randy Blankstein and Partner Jimmy Goodman assisted both parties. A private investor assisted by Mesirow Realty Sale-Leaseback sold the property to a REIT based in the Northeast.

The property previously changed hands in 2000, when School Specialty Inc., the current tenant, sold it for $12.3 million, according to Richland County records. General Electric Capital provided a $9.4 million acquisition loan at the time.

Located on 65 acres at 100 Paragon Parkway, the warehouse was completed in 1996. The facility has a 49,500-square-foot office component, and the new owner has the possibility to expand the property’s footprint to more than 1 million square feet. The tenant’s contract terms include an absolute triple-net lease with no landlord responsibilities and an expiration date in October 2025.

Situated 2 miles south of Mansfield Lahm Region Airport, the building is 3 miles north of the city center and 8 miles from Interstate 71. Other companies with a presence in the industrial corridor include Coca-Cola, FedEx and Frito-Lay.

In June, Blankstein and Goodman facilitated the $28 million sale of a 103,611-square-foot Pick ‘n Save retail property in Menomonee Falls, Wisc. The duo represented the seller, Oak Street Real Estate Capital.

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