STAG Acquires $8M Industrial Property

RURAL HALL, NC-Boston-based Single Tenant Acquisition Group Capital Partners has acquired a 250,000-sf industrial building here from Highwood LP for an estimated $8 million. The property is fully leased to Sonoco Products Co., a global supplier of industrial and consumer packaging based in Hartsville, SC. The tenant is expected to remain at the facility, but terms of the lease were not disclosed.

“It’s a single-tenant industrial property leased to a strong credit tenant in a solid industrial market that we were able to pick up at a good return,” Mike Chase, managing director with STAG, tells GlobeSt.com. “It’s straight down the middle of the types of deals STAG acquires.”

The property was built in 1993 and is located on a 17.4-acre site at 300 Forum Parkway. Highwood originally developed the building, says John Schultz, a partner with Triad Commercial Properties, which represented the seller in the transaction.