Jan
04

Spartanburg Amazon Facility Sold at 6.22% Cap Rate

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A subsidiary of Phoenix, Ariz.-based Cole Corporate Income Trust Inc. paid $63.3 million to acquire the 1,015,740 square-foot warehouse leased to Amazon in Spartanburg, according to a regulatory filing. The facility was built last year and opened in the fall with around 375 employees.

Cole ID Spartanburg SC LLC acquired the facility from Tango S.C. LLC in December, according to a filing with the U.S. Securities and Exchange Commission. The site is 100% leased to Amazon.com.dedc LLC.

The 15 year lease term is from 12-17-2012 to 9-30-2017, and there are four 5-year options to renew. A capitalization rate of  6.22% is reflected, based upon the base rent of $3,939,131 ($3.88/sf) with no deductions for vacancy or expenses.

 

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