STAG Spotted in Akron
- Aug 07, 2015
By Adrian Maties, Associate Editor
STAG Industrial Inc. has added another Ohio property to its portfolio. In a recently released acquisition and leasing activity report, the Boston-based REIT announced that it bought an industrial building in the Akron area last month.
STAG paid $12.2 million to buy the fully leased, 201,500-square-foot property in a transaction which closed on July 15. Although the REIT did not disclose the name of the seller or the building’s address, Summit County property records show that STAG Macedonia LLC, an affiliate of STAG, struck a deal on the same day with Sun Life Assurance Company of Canada for the acquisition of 1261 E Highland Rd., in Macedonia.
According to PropertyShark, 1261 E Highland Rd. is a more than 200,000-square-foot industrial property that was originally constructed in 2008 and currently valued at about $7.2 million. In July, STAG purchased only one other property, a 125,000-square-foot industrial building in the Detroit metro area, for which it paid $8.7 million.
During the first seven months of 2015, the Boston-based REIT purchased a total of 19 industrial buildings, including the Bon-Ton distribution center in Fairborn, for $201.8 million. These properties offer about 3.5 million square feet of space. And STAG doesn’t plan to stop here. As of August 4 2015, the company has entered into contracts to purchase 19 more properties for a total of $115 million.