CHICAGO—A Chicago-based team from Avison Young just completed the sale of an 851,370-square-foot General Electric Co. lighting distribution facility in Cleveland, TN. Although it is far from a major city, the property sits along I-75, and products shipped from there can easily reach all points in the Southeast region and the East Coast.
That sparked a lot of interest from investors, most of whom stick to properties in traditional distribution markets. The buyer was New York-based Lexington Realty Trust. Financial details were not disclosed.
“People are realizing that some assets in secondary and non-traditional markets are vital to tenants overall long-term plans,” Avison Young principal Erik Foster tells GlobeSt.com.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
