STAG Acquires Industrial Space in 3 States
- Jan 07, 2008
Boston-based STAG Capital Partners has started the year with a clutch of industrial acquisitions in various secondary markets in Ohio, Kentucky and Georgia. All together, the deal adds about 1.35 million square feet of space to STAG’s portfolio. The company specializes in holding single-tenant, net leased properties.”We’re following where the opportunities take us,” David Pizzotti, vice president with STAG, told CPN this morning. “All the properties are stabilized and represent long-term, high-quality assets. We’re always on the lookout for that kind of asset.”In Seville, Ohio, near Cleveland, STAG bought two warehouse facilities totaling 345,000 square feet as part of a 15 year sale-leaseback transaction with Ohio Wholesale Inc., a wholesale distributor of giftware. The adjacent buildings sit on 27 acres and are fully occupied by Ohio Wholesale.In LaGrange, Ga., the company acquired a 224,300-square-foot building on 19.2 acres. The building is completely leased to InterfaceFLOR L.L.C., a modular carpet manufacturer and subsidiary of Interface Inc.The largest of the acquisitions was in Danville, Ky., where STAG has acquired a building measuring 781,000 square feet on almost 60 acres. The building is leased to Wausau Paper Corp. and Panasonic Home Appliance Co., a subsidiary of Panasonic Corp. of North America.