Things Remembered Warehouse Acquired for $8.5M
NORTH JACKSON, Ohio -- A Boston-based company that specializes in acquiring fully leased industrial and distribution facilities has purchased the Things Remembered warehouse here, according to the Mahoning County Auditor's web site.
Stag Industrial Inc. purchased the 200,000-square-foot warehouse at 500 S. Bailey Rd. for $8,450,000 on Nov. 12 from APCA North Jackson H LLC, records show. The auditor's web site lists the property's appraisal value at $7,000,030 for tax purposes.
The warehouse, built in 1997, sits on 32 acres in North Jackson and was purchased for $10.7 million in December 2004 by APCA, which was listed as a foreign limited liability company.
According to its web site, Stag is a self-administered and self-managed full service real estate company that focuses on the acquisition, ownership and management of single-tenant industrial properties across the United States.
In November, Stag acquired three warehousing and distribution centers worth about $32.6 million totaling 1.2 million square-feet, the company said Dec. 2. All of the properties are 100% leased with a weighted average lease term remaining of more than five years.
In addition to the North Jackson site, the company also acquired properties in Mebane, N.C., and Shannon, Ga. Year to date, Stag has acquired 33 industrial facilities consisting of about 7.3 million square- feet.
The company's portfolio consists of 203 properties in 34 states that contain approximately 36.4 million square-feet.
Copyright 2013 The Business Journal, Youngstown, Ohio.
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