Bristol industrial facility sells for $60.5M
A former General Motors manufacturing plant, the Bristol Business Center is comprised of a 1.2 million square foot industrial warehouse and distribution facility at 780 James P. Casey Road, which was acquired in November 2006 by the joint venture between the New York-based real estate investment firms.
Three of the facility's main tenants - Firestone Building Products Co., Arett Sales and Clark Steel - have signed new lease commitments that will be in effect for more than 10 years. The building was empty in the mid-1990s after General Motors shut down its ball-bearing manufacturing operation there, but the recent sale has been profitable for the community as well, generating $302,500 to Bristol in conveyance tax alone.
"Our successful leasing strategy was able to dramatically increase the value of this asset in a relatively short period of time," said Shep Wainwright of Savanna in a statement. "We saw an opportunity to acquire a property that could produce significant return on investment in a short time via an aggressive redevelopment and leasing strategy. Even in a tumultuous market, this value-added strategy has produced an outstanding return for our investors."
WBJ Web Partners
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