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STAG Industrial Sells Taunton Facility for 3% Cash Cap Rate at $78M
STAG Industrial, Inc., has closed the sale of its 350,326-square-foot building located in Taunton, MA, (40 miles south of Boston) for $78 million. The gross proceeds represent a cash capitalization rate of 3.1%.
STAG acquired the building vacant in February 2019 and signed an 18-month known-vacate lease that same month. It then signed a new 10-year lease with a large investment grade rated e-commerce tenant and terminated the short-term lease in April 2020.
“This round-trip investment is a great demonstration of the industrial real estate platform we have built – from sourcing the investment, repositioning and leasing the asset and ultimately monetizing the value we created,” said Ben Butcher, Stag CEO. The STAG REIT focuses on the acquisition, ownership and operation of single-tenant, industrial properties.
- ◦Sale/Acquisition
