Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of an industrial truck terminal facility that is fully leased to FedEx Freight. The 33,304-square-foot property is located at 201 Canada Drive in East Syracuse, New York. Stan Johnson Company’s Erik Lundberg exclusively represented the seller, an Erie, Pennsylvania-based private investor. The building was purchased in a 1031 exchange by an institutional investor from California, represented by Jerry Hopkins of Newmark. The sale closed for approximately $9.2 million at a 6.75 percent cap rate.
“This sale represents a very aggressive cap rate for a FedEx Freight asset, especially since there were only three years of base term remaining on the lease,” said Lundberg, Associate Director in Stan Johnson Company’s Tulsa, Oklahoma office.
The build-to-suit property was constructed in 2009 and sits on 26 acres. The facility is strategically located near Interstates 81 and 90, and it is minutes from Syracuse Hancock International Airport. Neighboring tenants include UPS, ABF Freight System and XPO Logistics, among others.