Prologis purchased a 10-acre industrial property in Middlesex County which it will lease to tenants already occupying the space, Avison Young announced on Jan. 25.
Avison Young‘s Metropark office represented equipment leasing and repair company FleetSource in the sale-leaseback at 2382 Route 130 in Dayton.
“We’re pleased with the diligence Avison Young has shown throughout the negotiation of this transaction, completed in an impressive three-month window,” said FleetSource President John Grady in a statement. “We’re also thrilled to start a long-term relationship with Prologis as the property’s new landlord, allowing us to continue operating in the same facility with no disruption to our business.”
Avison Young Principals Edward English, Ron Ganter and Tom Giannone, Senior Vice Presidents Timothy Cadigan and Matthew Turse and Senior Associate Paul Errigo – all industrial specialists – represented FleetSource. Prologis was represented in-house by Howard Freeman.
The property features approved outdoor trailer parking, a truck maintenance facility and office space.
In addition to FleetSource, Avison Young said there is also an in-place ground lease with a publicly traded online retailer at 2382 Route 130.
“2382 Route 130 provides an attractive investment opportunity for a company to acquire a fully leased industrial asset thoroughly equipped for a variety of e-commerce and logistic uses,” English said. “This transaction has allowed our client to unlock the capital in their real estate asset and establish lease-back terms that support long-term strategic business objectives with a trusted industrial real estate company like Prologis.”
Financial terms of the deal were not disclosed.