DENVER—Sentinel Net Lease has acquired an Amazon Customer Service Center in Huntington, West Virginia for $16.9 million. The seller of the 69,000-square foot property was Lexington Realty Trust. The office sits on 7.9 acres in Kinetic Park, technology enclave in the greater Huntington metro area.
Sentinel is a commercial real estate investment firm formed by real estate industry veterans Fred Lewis and Dennis Cisterna this past winter. Their investment strategy is to acquire properties that have recession-resistant and tech-forward tenants. "We thought we had the right investment thesis before the COVID-19 pandemic hit, which has only confirmed many of our core assumptions," says Cisterna, who serves as Sentinel's head of investments, in prepared remarks. "We want real estate assets with businesses that are not only sustainable in poor economic conditions but have the potential to thrive. Amazon is an excellent example of the type of firm we want occupying our buildings."
Lewis, the firm's CEO, reports that the company conducted an extensive amount of due diligence on the property and was able to give its investors and lender "a high degree of confidence in this acquisition. Some of our peers in the industry have not been as fortunate as we've seen many transactions fall apart."
Lexington Realty Trust was represented by Will Pike of CBRE in the transaction, while Sentinel was represented by Matson Kane and Teddy Leonard of Sands Investment Group.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
