Avison Young has arranged the sale of a portfolio of 16 warehouse buildings on behalf of LCN Capital Partners for $38.5 million. The properties consist of 680,000 square feet of warehouse space net leased on a long-term basis to Vintage Parts. The assets are in Beaver Dam and Columbus, Wisconsin.
The seller, LCN Capital Partners, was represented by Timothy Hall, principal, based in Avison Young’s Washington DC office, and James Hanson, principal, based in Avison Young’s Chicago office. Hall and Hanson are co-heads of Avison Young’s corporate finance team. David Krasnoff, executive director of Avison Young’s corporate net lease finance group, based in Avison Young’s New York City office, provided investors with guidance on acquisition debt alternatives. The buyer, a publicly traded REIT, represented themselves.
The tenant, Vintage Parts, is the market leader and partner of choice for Original Equipment Manufacturers (OEMs) to purchase and store their slow-moving and inactive replacement parts and is headquartered in Beaver Dam, Wisconsin, and operates its highly profitable business through this integrated portfolio of warehouse assets. The greater Beaver Dam/Columbus industrial real estate market is experiencing a demand surge, with market rent and occupancy figures achieving historic peaks.
