Stag Industrial Buys Warehouse Facility for $8.1M
- Dec 05, 2011
Stag Industrial Inc. has acquired the OPW Fueling Containment Systems property for $8.1 million from an undisclosed seller.
OPW in Smithfield, a provider of underground fuel containers to gas stations, has been leasing the 191,450-square-foot warehouse and distribution facility at 3250 US Highway 70 West. About 10 years remains on the lease term. Constructed in 2001, the building is 100 percent leased to OPW.
According to the Triangle Business Journal, the OPW building purchase has brought Stag Industrial’s total acquisition volume to $92 million. The Boston-based Stag Industrial is a full-service real estate company with a focus on individual Class B, single-tenant, industrial properties including warehouse, manufacturing and office buildings, in secondary markets.
In related news, Raleigh-based Concord Hospitality Enterprises has sold four Marriot-branded hotels in Ontario, the Triangle Business Journal reports. The hotels were developed by Concord, and they include the Residence Inn by Marriott Toronto Vaughan, the Courtyard by Marriott Mississauga Airport Centre West, the Residence inn Mississauga Airport West and the Courtyard by Marriott Hamilton.
The buyer was Genesis Hospitality, a Manitoba-based private investment group. Details of the transaction weren’t disclosed, but, as a result of the sales agreement, Concord will continue to operate the properties. Alam Pirani and Robin McLuskie with Colliers International Hotels and Louis Stervinou and Adam Greenstone with Eastdil Secured acted as advisors. According to the company’s press release, Concord has four properties in its Canadian development and acquisition pipeline, and is planning to break ground on at least two properties within the next three to six months.
“We continue to have strong development and third-party management interest nationwide. This is our first transaction with Genesis, and we look forward to the opportunity to build on that relationship,” said Mark Laport, CEO of Concord Hospitality.