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Lee & Associates – North San Diego County Completes the Sale of Two FedEx Facilities for $8.7 Million

02/09/2016

Carlsbad, CAFebruary 3, 2015—Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has completed two sales transactions of Federal Express (FedEx) Regional Distribution Facilities. The combined total value of the facilities located in Cincinnati, Ohio and Birmingham, Alabama is $8,700,000. 

FedEx, the largest express transportation company in the world, has been operating from the Cincinnati location for 21 years. In 2011, Fed Ex exercised their option to renew its triple-net (NNN) lease on the 45,000 square-foot building for a five-year term. In 2015, Fed Ex signed an additional ten-year lease renewal, commencing February 2016. The buyer, Mazel, LLC, based from Kentucky, purchased the property as part of a 1031 tax deferred exchange.

The Birmingham location, a 57,016 square-foot facility, was purchased by a private investor based in Texas. At the time of the sale, FedEx had been operating from the site for 13 years. In 2015, the transportation company signed a 10.5-year lease extension which commenced in June of the same year.

Ryan Barr and Ryan Bennett, founders of Barr & Bennett Net Leased Investments and Principals at Lee & Associates – North San Diego County represented the sellers, Paddock Industrial Partners, LLC is the transaction of the Cincinnati location and BAP Properties, LLC in the sale of the Birmingham site. The team also represented Mazel, LLC in its purchase of the Cincinnati facility.

“There is a large demand for net leased properties with investment credit tenants, such as these,” explained Bennett. “The sellers chose to sell their property at their highest value, with newly extended long-term leases in place.”

 

“Both properties are excellent investment opportunities for the buyers with strong intrinsic values,” added Barr. “Net leases with tenants such as Fed Ex that have rental rates in line with the local market allows for long-term risk averse revenue stream.”

Barr & Bennett Net Leased Investment Group, of Lee & Associates-North San Diego County, specialize in the acquisition and disposition of net leased assets nationwide.

 

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About Lee & Associates

Celebrating more than 36 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with locations across the nation including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn and Twitter.

 

02/03/2016 - 05:00

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