Matthews Closes SiteOne Portfolio Transaction for $11M

Matthews Real Estate Investment Services completed the sale of two industrial properties, 11864 Chesterdale Road in Cincinnati, Ohio, and 2515 Semco Drive in Belton, Missouri. Together, the portfolio sold for $11 million, marking one of the highest purchase price for a single-tenant SiteOne portfolio sale in the last decade. Matthews Associate Taylor Dintzner, Senior Associate Erik Manarino, and Associate Vice President John Stroud managed the transaction.

The seller is the founder of Semco Stone, one of the largest natural stone distributors in the Midwest. Semco Stone was acquired by SiteOne Landscape Supply in 2021, the largest and only wholesale distributor of landscape supplies with 700+ locations across North America.

“After selling Semco Stone several years ago, our client was ready to cash out of the buildings and use the capital to pivot his real estate and business portfolio,” Dintzner said. “Through our marketing efforts, we closed with an all-cash buyer at a 6.55% cap rate.”

With this sale, the buyer, a private investor, acquired generational pieces of real estate with a strong credit tenant in SiteOne. The buildings boast 37,201 square feet, 38.54 acres, and a lot coverage ratio of 2.22%.

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