Scottsdale, AZ-based STORE Capital Corp., a triple-net lease REIT whose name is an acronym for Single Tenant Operational Real Estate, recently acquired a two-building industrial portfolio located in Chandler, AZ and Roseville, CA from Erickson Framing Operations LLC for $21 million, or approximately $156 per square foot.
The sale/leaseback included the single-story 56,000-square-foot lumber yard Erickson Framing had owned at 8350 Industrial Ave. in Roseville, CA, and a 79,000-square-foot manufacturing building at 250 N. Beck Ave. in Chandler, AZ. That building, which currently houses the seller’s corporate headquarters, is in close proximity to Sky Harbor International Airport, Interstate 10 and Loop 202, according to CoStar information.
Jay Krew and Paul Berkner of Marcus & Millichap’s National Office and Industrial Properties Group in Phoenix represented the seller and procured the buyer. Russ Moroz, a senior associate with Marcus & Millichap in Sacramento assisted with the Roseville property sale.
“With pricing returning to near peak levels, the sellers capitalized on a perfect opportunity to capture the appreciated equity in order to redeploy the capital into other business interests,” noted Marcus & Millichap’s Krew.
Please refer to CoStar COMPS #4086867 for more information on this transaction.