Portfolio of Industrial, Office and Medical Properties Sells for $127.5Mln
A Commercial Real Estate Direct Staff Report
IRA Capital Advisors has paid $127.5 million, or $170/sf, for a portfolio of six industrial, office and medical properties with a combined 750,000 square feet in six states.
The properties are all fully occupied by single tenants under leases with remaining terms ranging from five to 20 years.
The three industrial properties are in Trenton, Ga., which is occupied by Greatbatch Ltd., a medical device company; Florence, Ky., which is occupied by SWECO, an industrial equipment manufacturer, and Aiken, S.C., which is occupied by Owens Corning, a maker of insulation and roofing products.
One of the office buildings, in Novi, Mich., is occupied by Magna Seating of America Inc., while the other, in Norwood, Mass., is occupied by Siemens Medical Solutions USA Inc. The portfolio’s other property, a healthcare facility in Seminole, Okla., is occupied by Integris Health Inc.
IRA Capital, an Irvine, Calif., investment manager, bought the portfolio from ElmTree Funds, a St. Louis investment manager that specializes in the net-leased property sector.
In May, ElmTree sold a 95 percent stake in a 48-property portfolio to China Life Insurance Group in a deal valued at about $950 million.
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