Industrial Investors Drawn To Non-Traditional Locations
CHICAGO—Distribution has changed, and many properties in out-of-the-way locations have assumed tremendous importance in some firms’ operations.
June 7, 2017 | by BRIAN J. ROGAL | GlobeSt.com
CHICAGO—A Chicago-based team from Avison Young just completed the sale of an 851,370-square-foot General Electric Co. lighting distribution facility in Cleveland, TN. Although it is far from a major city, the property sits along I-75, and products shipped from there can easily reach all points in the Southeast region and the East Coast.
That sparked a lot of interest from investors, most of whom stick to properties in traditional distribution markets. The buyer was New York-based Lexington Realty Trust. Financial details were not disclosed.
“People are realizing that some assets in secondary and non-traditional markets are vital to tenants overall long-term plans,” Avison Young principal Erik Foster tells GlobeSt.com.
