The portfolio, totaling 278,294 s/f, consists of manufacturing, warehousing, and office facilities located in the Buffalo, Rochester, and Albany metropolitan statistical areas (MSAs).
In the sale/lease back arrangement, JW Danforth also signed a 20-year master absolute net lease for the properties at closing. The $30.5 million transaction was brokered by Kyle Ciminelli, executive managing director of Newmark Ciminelli, with the support of Ryan Zebro, vice president of Ciminelli Real Estate Corp.’s investments team.
Ciminelli said, “Our corporate relationships with both JW Danforth and Royal Oak Realty were critical to the success of this transaction and helped our team make a quick connection and fulfil the objectives of all involved. These types of transactions are commonly used to supply a company with growth capital and alleviate the onus of ownership to their real estate holdings.”
JW Danforth CEO, Robert Beck said, “This real estate transaction provides growth capital for JW Danforth at an exciting time in our company’s history. Monetizing our real estate was an important milestone in support of our long-term planning.”