STAG Industrial Snags Two Properties for $13.4 Million; Veolia to Relocate HQs at Exchange Place
- Nov 05, 2012
By Veronica Grecu, Associate Editor
Boston-headquartered STAG Industrial, Inc., a full service real estate company focusing on the acquisition, ownership and management of single-tenant industrial properties throughout the United States, announced this week the acquisition of two properties totaling 325,000 square feet of space. Both properties were acquired for a total of $13.4 million in two separate transactions.
The first asset is Westover Road, a high bay warehouse and distribution building located in the Chicopee submarket of greater Springfield, Massachusetts. The 217,000-square-foot facility was acquired for $8.32 million from Brockwood Financial Partners, LLC, a real estate investment trust based in Beverly, Massachusetts. The property is currently fully occupied by Big Y Foods, Inc., a local supermarket retailer.
The second building, located in Sterling Heights, Michigan, is a 108,000-square-foot manufacturing and warehouse facility currently fully leased to automotive industry supplier Sodecia North America, Inc.
In other news, the Boston Business Journal reports that Veolia Energy North America has leased 27,440 square feet of Class A space at the 14th floor of the Exchange Place building (pictured) located at 53 State Street in Boston. A developer of efficient energy solutions, Veolia will relocate its North American headquarters from 99 Summer Street, where it operated since 2009, as well as its energy consulting and energy subsidiary SourceOne. The company is expected to complete relocation at the new address by early 2013.
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