JOHNSTON, R.I. — Marcus & Millichap has completed the $15 million sale of a 144,187-square-foot distribution center in Johnston. Located at Lakeside Commerce Center, directly off Interstate 295, the facility was built-to-suit for FedEx Ground in 2008. Situated on 22+ acres, the facility can be expanded up to 27,720 square feet. Glen Kunofsky and Jason Kauffman of Marcus & Millichap’s Manhattan office represented both the buyer and seller in the transaction. Steve Witten of Marcus & Millichap assisted locally. The property’s double-net lease commenced on June 1, 2008 and has a 10-year term that is set to expire in May 2018. FedEx has the option of extended the lease with two 5-year renewal options. The closing cap rate for the sale was 7.5 percent.
MARCUS & MILLICHAP BROKERS SALE OF DISTRIBUTION CENTER