STORE Capital Buys AZ, CA Assets for $21M
The two properties sold by Erickson Construction feature railroad spurs and are located near major thoroughfares. The transaction involved a lease contract for STORE Capital.
By Tudor Scolca
Erickson Construction’s former headquarters, at 250 N. Beck Ave.
Marcus & Millichap has arranged the sale and leaseback of a two-property industrial portfolio, with the assets located in Roseville, Calif. and Chandler, Ariz. STORE Capital Corp. acquired the properties from Erickson Construction for $21 million.
The properties are a 56,000-square-foot lumber yard and industrial building at 8350 Industrial Ave. in Roseville and a 79,000-square-foot manufacturing facility, which served as Erickson’s corporate headquarters, at 250 N. Beck Ave. in Chandler.
Both properties feature railroad spurs and are in areas with quick access to major thoroughfares. The Chandler facility is about 11 miles from Phoenix Sky Harbor International Airport and less than a mile of Interstate 10 and Loop 202. The property features office, production and manufacturing, and warehouse space, with the possibility to expand. The Roseville asset is near U.S. Route 65 and Interstate 80 and features an active Union Pacific Rail segment. It is 12 miles from Sacramento McClellan Airport.
“Throughout the marketing process, STORE Capital demonstrated that it was qualified and motivated to acquire both sites and work with Erickson to ensure a quick and seamless closing,” said Ryan Sarbinoff, vice president & regional manager at Marcus & Millichap’s Phoenix office, in a prepared statement.
Earlier last year, STORE Capital was involved in a similar transaction, the acquisition of a rehabilitation facility in Austin.
Image courtesy of Marcus & Millichap
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