Avison Young’s Capital Markets Group has brokered the sale of a single-tenant net-leased property totaling more than $325 million of value and representing 2.68 million square feet. The Amazon-leased AR Sort Fulfillment Center property was sold subject to an existing long-term lease and zero-cash flow financing structure. The building is located in Bondurant, a city located northeast of Des Moines, Iowa.
Capital Square of Richmond Virginia purchased the newly constructed four-story facility from Mesirow Realty Sale-Leaseback, Inc..
The Avison Young Capital Markets team representing Mesirow included Jonathan Hipp, Principal and Head of Avison Young’s U.S. Net Lease Group; James Hanson, Principal; and Richard Murphy, Senior Vice President. Earl Webb, Co-Managing Partner of 9thGreen Advisors, also advised Mesirow on the sale. This same team represented Mesirow in two other zero-cash-flow property transactions totaling over $560 million that sold in 2020.
The property sits across the street from a 270,000-square-foot Amazon Sortation Facility, demonstrating Amazon’s long-term commitment to the area.