STAG Acquires Four-Property Midwest Portfolio in $12M Sale-Leaseback

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BOSTON-Locally based STAG Capital Partners has acquired a 436,844 sf portfolio of industrial buildings in Illinois, Kansas and Ohio under a sale-leaseback transaction with Dayton Superior. David Pizzotti, STAG’s vice president, tells GlobeSt.com that the transaction, valued at around $12 million, gives the investment group ownership of four properties with a single, long-term tenant.

“Dayton, in one form or another, has occupied those facilities from 25 to 35 years so they have a long term commitment to the area,” Pizzotti says of the seller. “They are in a mature industry and have significant market share so we thought it was a very positive outlook.”

The buildings, which range in size from 58,000 sf to 158,000 sf, are fully occupied by the company under 10- to 13-year leases that average $3.25 per sf, Pizzotti says. The transactions were handled for STAG by Daniel Herrold of Stan Johnson Co., while Steve Rachman of Marcus Millichap represented the Dayton Superior.