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Iowa Industrial Portfolio Trades to NY Investor
Stan Johnson Company (SJC) completed the sale of a four-building industrial portfolio across three rural Iowa markets. The firm’s Rob Gemerchak and Jeff Hughes represented Toronto-based Granite REIT in the $16.9-million sale to GMS Equities, an individual investor based in New Rochelle, NY.
Located at 408 and 411 Maplewood Ave.in Williamsburg, 403 S. 8th St. in Montezuma, and 1951 A Avenue in Victor, the portfolio totaled nearly 684,000 square feet and was leased to a subsidiary of Magna International Inc.
“The transaction illustrates that there remains an active investor market for single-tenant net lease industrial portfolio opportunities in small to mid-sized markets across the Midwest,” said Gemerchak, director in SJC’s Toledo, OH office.
“Despite being older construction, these remain high quality assets,” added Gemerchak. “Not only are they well located on Interstate 80, but these are mission-critical manufacturing facilities that would be difficult for the tenant to replace.”
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