Friedman Real Estate, a commercial real estate company, today announced acquiring a 1.23 million square foot industrial portfolio worth $46 million in a joint venture with Taconic Capital Advisors, according to a press release.
The 744,000 square feet portfolio spans across four properties and two distribution centers, in Waterford, Michigan, Liverpool and New York. It was bought from Rite Aid as a sale-leaseback. The joint venture also purchased 50 extra acres of land for expansion in the future.
“We are excited to expand our presence in the industrial market with the acquisition and leaseback of these facilities,” stated Jared Friedman, Managing Director of Friedman Real Estate, in the release. “We are confident about the future growth prospects in the logistics sector and the potential for development and redevelopment within this portfolio.”
Perry Drugs and Fay’s Drugs based in Michigan and New York built the centers, which were later acquired by Philadelphia-based drugstore chain Rite Aid. The chain will keep using three of the four buildings for its operations, according to the release.
“The deep demand for suitable logistics solutions in both the New York and Michigan regions presented a rare and powerful investment opportunity,” James Jordan, principal and portfolio manager of Taconic Capital Advisors CRE investments, in the release. “This acquisition marks Taconic’s first industrial investment as part of its new fund.”
In other recent proptech news, GTIS Partners announced a $140M joint venture with Collett Industrial. Vontive also announced financing more than $1.1 billion of residential properties owned by investors.