The land is Butters Construction & Development's second major purchase in that area since September. The property is next to a 107,804-sf warehouse/distribution building that privately held Butters and the Siegel and Schmier families jointly bought last month.
The building, West Point Distribution Center I at 5607 Hiatus Road, was purchased from West Point Center Ltd. for $5.6 million or $51.95 per sf.
Principal Capital of Des Moines, IA, provided the $5.2 million financing for the 100%-leased property. The interest rate on the 10-year, fixed-rate loan is 6.28%. Barbara A. Bozzacco in the Boca Raton, FL office of Holliday Fenoglio Fowler LP brokered the loan.
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