Matthews Real Estate Investment Services completed the all-cash $5.6 million sale of a PepsiCo Distribution Center at 4248 Cherry Pepsi Way in Traverse City, Michigan.
Senior Associate Brett Davis and Senior Vice President and Senior Director Alexander Harrold represented the seller in the transaction.
The seller, a private investor with a diverse portfolio, achieved a national cap rate record for a PepsiCo distribution facility. The California-based buyer acquired a build-to-suit PepsiCo facility with a long-term lease and annual rent increases through a 1031 Exchange.
