BOSTON— STAG Industrial, Inc. announced it has successfully closed the sale of its 350,326 square foot building located in Taunton, Massachusetts. The gross proceeds of $78.0 million represent a cash capitalization rate of 3.1%.
The Company acquired the building vacant in February 2019 and signed an 18-month known-vacate lease that same month. The Company then signed a new 10-year lease with a large investment grade rated e-commerce tenant and terminated the short-term lease in April 2020, adding significant value to the building.
“This round-trip investment is a great demonstration of the industrial real estate platform we have built – from sourcing the investment, repositioning and leasing the asset, and ultimately monetizing the value we created,” said Ben Butcher, Chief Executive Officer of the Company. “We continue to identify assets that add significant value to our portfolio. This is a great outcome and testimony to the hard work done by our team.”