LCN Capital Partners has sold a 16-building portfolio totaling 680,000 square feet in Beaver Dam and Columbus, Wis. The buyer, an undisclosed REIT, acquired the properties for $38.5 million. Avison Young advised the seller. All of the properties are fully leased on a long-term basis to Vintage Parts.
The warehouse portfolio is composed of:
- a 394,000-square-foot corporate campus of Vintage Parts, located at 120 Corporate Dr. in Beaver Dam, Wis., that is composed of six buildings
- the 208,000-square-foot Green Valley Campus, a seven-building asset located at 1005 Green Valley Road in Beaver Dam, Wis.
- the Columbus Campus, a three-building portfolio totaling 79,592 square feet of space, located at 200 Robbins Road
The two campuses in Beaver Dam are situated 17 miles from Columbus and within 45 miles of Madison, Wis., while the three-building campus in Columbus is situated 75 miles from Milwaukee, Wis., and within 85 miles of Mitchell International Airport.
Avison Young Principals Timothy Hall and James Hanson negotiated on behalf of the seller, while the executive director of the firm’s Corporate Net Lease Finance Group, David Krasnoff, assisted the investors with acquisition financing. The sale price represents a strong return for the seller. The portfolio received multiple bids from interested investors, Hanson said in prepared remarks.
Earlier this month, Industrial Realty Group acquired a 662,000-square-foot manufacturing facility in the Dayton, Ohio, market. Domtar, the property’s tenant since 2020, will continue to occupy the majority of the space under a new, long-term leasing agreement.