NFI Industries has acquired 300 Penry Road, a 1.5 million-square-foot industrial facility in Greensboro, N.C. The sales price was $74 million.

The property currently serves as a bulk distribution center for a leading national home improvement retailer. The seller, a joint venture between Pacer Partners and Drake Real Estate Partners, acquired the property in March 2019 for $44.7 million. At the time of the 2019 acquisition, the property was 100% leased to Sears with three years of remaining lease term. Sears had filed Chapter 11 bankruptcy and subleased 100% of the property.

“This investment was a great example of our deep value approach put into action. To start with, you can’t go terribly wrong buying industrial for $30 per square foot and we were able to shake the opportunity loose by quickly deploying our team and resources to underwrite the deal and capitalize on the complexity surrounding the Sears bankruptcy,” said Jonathan Garonce, partner at Drake.