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Avgeris Buys 1M-SF Flex Site in $25M SLB

SANDUSKY, OH-KPS Capital sold its Kyklos Bearing facility, which has 324,037-sf of office and almost one million sf of industrial.

By Robert Carr | Updated on September 15, 2008

SANDUSKY, OH-Kyklos Bearing International Inc. has completed a sale-leaseback of its 1.3-million-sf manufacturing and office facility here for $25.5 million. Lombard, IL-based Avgeris & Associates Inc. bought the property at 2509 Hayes Ave.

Kyklos is a wholly-owned subsidiary of forged-parts maker Hephaestus Holdings Inc., a portfolio company of private equity firm KPS Capital Partners LP. Glen Kunofsky, an SVP in the New York City office of Marcus & Millichap, represented KPS in the sale. “This frees up cash to put back into the business,” Kunofsky tells GlobeSt.com. “The equity fund is not a big believer of holding real estate, they’re more into operating the company.”

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