Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant industrial facility leased to FedEx Ground. The 217,323-square-foot property serves as a distribution center for the multinational company. Erik Lundberg of Northmarq represented the 1031 exchange buyer, an investor group based in New Jersey. The seller was a Texas-based developer. The asset sold for approximately $37.0 million.
“Despite a challenging interest rate market, we were able to bring a motivated buyer who performed at the top of market pricing,” said Lundberg, Associate Director in Northmarq’s Tulsa, Oklahoma headquarters.
The facility is newly built and replaced a smaller FedEx Ground warehouse. The 33-acre site is easily accessible to major highways, distribution centers and the community workforce. With a demand surge for FedEx services, this facility helps meet the need for the Midwest region.