By Adina Marcut
BLT Enterprises has sold a 91,711-square-foot distribution facility located in Central Point, Ore. for $15.9 million. Marcus & Millichap’s David Weinberg, Paul Kerber and Adam Lewis represented BLT Enterprises, while the buyer Tomchi Oregon LLC was represented by Barbara Kreis of Sperry Van Ness.
The property’s single tenant is FedEx Ground, which has been leasing the property for eight years. The warehouse is located in the Medford submarket, a region that has encountered a strong population growth in the past several years.
The facility was initially constructed in 2009 from the ground up as a built-to-suit project for FedEx. In 2015, BLT completed an expansion of the property. In the last six months, the company acquired two additional Southern California properties leased to FedEx Corp.
“Our ability to operate the asset as cash flow positive with an in-place lease to a Fortune 100 company that has continued to demonstrate its commitment to the property, ultimately positioned the asset for strong investor interest,” BLT Enteprises Founder & President Bernard Huberman, said in a statement. “This asset’s steady income stream coupled with the explosive growth throughout the region made this an ideal time to sell.”
Image courtesy of BLT Enterprises