Wexford, Related, Key International Partnership Purchases WPB Office Buildings
The buildings total 60,000 square feet each and are accompanied by a half-acre auxiliary parking lot.
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The buildings total 60,000 square feet each and are accompanied by a half-acre auxiliary parking lot.
Benjamin Silver with CBRE represented the seller, 5100 Realty LLC, in the transaction.
The new deals include an 18,842-square-foot 10-year lease with Valley National Bank, a 9,717-square-foot 10-year lease with Rosenbaum LLP and a 9,648-square-foot long-term lease with Morgan & Morgan.
The property totals 407,000 square feet.
The sale closed at a 3.59 percent capitalization rate, which was a record capitalization for all Walgreens stores nationally.
Construction on the new warehouse is expected to start towards the end of 2022 and take about a year to a year and a half to complete.
The 80,361-square-foot property includes two freestanding outparcel buildings.
The properties include 16 warehouses, spanning 23 acres in total.
The building was originally built in the mid-seventies.
The complex is 90 percent leased to 40 tenants from a variety of industries including healthcare, law, finance and engineering.
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