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SALINAS, CA-Locally headquartered STG Asset Management has acquired the 1.8-million-sf Firestone Business Park here from an affiliate of San Francisco-based investment advisor McMorgan & Co. STG would not disclose the sale price and it was not otherwise immediately available.
Originally the Firestone Tire & Rubber Factory, the 123-acre property was converted to a multi-tenant distribution center in the later half of the 1980s by McMorgan. STG leasing manager Jim Ballard tells GlobeSt.com that a renovation and repositioning is planned but did not go into detail. The property address is 340 Camino Real S.
There are 20 tenants in the park, which is 80% leased, Ballard says. Ballard declined to quote an asking lease rate just yet, stating that he is working with a broker in Salinas on a marketing plan for the property.
According to the website for the business park, tenants include McCormick & Co., Robert Mann Packaging, CTB McGraw Hill, Georgia Pacific, International Paper Co., Owens Illinois, Anchor Glass, Ball Foster Glass, Monterey Pasta Co. and Salinas Valley Public Warehouse.
The US Environmental Protection Agency took the property off its Superfund list in 2005. Ballard says McMorgan sold the asset following a change in business focus. STG acquired the asset under the name FBC LLC. McMorgan did not respond to requests for comment.
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