Matthews Real Estate Investment Services completed the sale of two industrial properties, 11864 Chesterdale Road in Cincinnati and 2515 Semco Drive in Belton, Missouri.
Together, the portfolio sold for $11 million, a record purchase price for a single-tenant SiteOne portfolio sale in the last 10 years, according to CoStar. Matthews™ Associate Taylor Dintzner, Senior Associate Erik Manarino, and Associate Vice President John Stroud managed the transaction.
The seller is the founder of Semco Stone, one of the largest natural stone distributors in the Midwest. Semco Stone was acquired by SiteOne Landscape Supply in 2021, the largest and only wholesale distributor of landscape supplies with 700+ locations across North America.
With this sale, the buyer, a private investor, acquired generational pieces of real estate with a strong credit tenant in SiteOne. The buildings boast 37,201 square feet, 38.54 acres, and a lot coverage ratio of 2.22%.
