REIT lands Northern California industrial facility
Deal involves sale, leaseback
By Inman News, Tuesday, March 7, 2006.Representing the seller, Binswanger negoitiated the sale/leaseback of a 143,750-square-foot facility with acreage in Santa Rosa, Calif.
The value of the transaction was not disclosed.
The facility, located at 3300 Coffey Lane, features 18,816 square feet of office space, 227-car parking and is situated on approximately nine acres.
The seller, Advanced Lighting Technologies Inc. (ADLT) creates metal halide lighting systems and telecommunications products. Deposition Sciences, a company subsidiary, currently produces coatings for specialty lights at the facility. The sale/leaseback enabled ADLT/Deposition Sciences to achieve net cash while leasing back the facility for 10 years.
First Industrial Acquisitions Inc., a Chicago-based REIT and developer with real estate holdings nationwide, purchased the building.
Philadelphia-based Binswanger is an international, full-service real estate organization with more than 160 offices worldwide.
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