3/26/2009

Rhode Island distribution center sells for $15M

by
Marcus & Millichap has brokered the sale of a 144,187-square foot distribution center leased to FedEx in Johnston, R.I., for $15 million.

Glen Kunofsky, senior vice president investments and a senior director of the company's Net Leased Properties Group in Manhattan, and Judson Kauffman, a net-leased properties specialist also in Manhattan, represented both the buyer and seller. Steve Witten, a first vice president investments at Marcus & Millichap, assisted in this transaction locally.

The property is located at the Lakeside Commerce Center, which is directly off Interstate 295 and seven miles from the airport. Built-to-suit in 2008 for FedEx Ground, the 22-plus acre site was developed with room for a 27,720-square foot expansion.

The distribution center's initial double-net lease commenced on June 1, 2008 and has a 10-year term that expires in May 2018. FedEx has the option to extend the lease with two five-year renewal options.

Size: 144,187 square feet

Built: 2008

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Filed Under: Retail

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