Multi-State Industrial and Warehouse Portfolio Hits the Market at $97 Million

A portfolio of industrial and warehouse spaces scattered throughout three states (and totaling over 2.5 million square feet) is up for sale, and could all be yours for a cool starting price of $97 million.

McLane Company Inc. 264x300 Multi State Industrial and Warehouse Portfolio Hits the Market at $97 Million

A building used by McLane Company is among the properties up for sale.

The portfolio, owned by an unidentified private family investment group, features warehouse properties in Pennsylvania, upstate New York, and Ohio.

“It’s probably for someone who is looking to acquire a strong cash-flowing property with debt in place at a low assumption rate of a half percent,” said Stuart Gross, an executive managing director at Eastern Consolidated, who is handling the sale of the portfolio.

Among the properties being offered include a 621,000-square-foot warehouse for office supplier Staples in Chambersburg, Pennsylvania (with “state of the art robotics distribution”) and a 104,000-square-foot warehouse in Guilderland, New York that currently houses McLane Company, a supply chain services company.

There is also a 133,500 square foot property for Sumitomo Electric in Marysville, Ohio, along with several facilities in Rochester, New York.

The asking price is $22 million over the existing $75 million in debt, said Mr. Gross.  The $75 million debt is amortizing over a 30-year period and is due in five years. The entire portfolio is currently 89 percent occupied.

The portfolio offers high yields and could be traded as a 1031 exchange.

“The owner would stay in and operate the property if they so choose,” said Mr. Gross. “It could either be a hands-on family owner with 1031 money, or a passive-type smaller fund that would only invest because there is an operating owner.”

Eastern Consolidated chief executive officer Peter Hauspurg is also working on this portfolio with Mr. Gross.

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