Congratulations to our client, STAG Industrial, on sale closing of one million square foot facility in Burlington, New Jersey
Sherin and Lodgen congratulates our client, STAG Industrial (“the Company”), on closing the sale of its one million square foot building located in Burlington, New Jersey, previously occupied by the GSA. The gross proceeds of $110.5 million represent a cash capitalization rate of 5.4%. Including this sale, the Company sold seven buildings with gross proceeds of $279.4 million in 2020. In aggregate, these buildings were originally acquired at an 8.2% cash capitalization rate and were sold at a 5.4% cash capitalization rate. This annual disposition volume is the largest in the Company’s history.
The Sherin and Lodgen team, led by partners Joshua M. Alper and Jennifer L. Ioli, represented the Company in its acquisition and subsequent conveyance of the Burlington property.
STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership, and operation of single-tenant, industrial properties throughout the United States. As of September 30, 2020, the Company’s portfolio consists of 462 buildings in 38 states with approximately 92.3 million rentable square feet.