ABILENE, Texas – November 29, 2016 – The 67,704-square-foot FedEx Ground distribution building located at 801 N. Arnold Blvd. in Abilene, Texas, was purchased for $7.5 million.
Principal Allen C. Buchanan and Associate Joshua K. Harper, who are with the Orange, CA office of Lee & Associates, the largest broker-owed commercial real estate firm in North America, represented the buyer, Double Run, LP, an investment company based in La Habra Heights, CA. The seller, Devron Abilene, LLC, was represented by Douglas Longyear of Cushman & Wakefield.
“We just sold a building located out of the state of California,” said Buchanan of Lee & Associates Orange. “Our client, who wanted to own property in Texas was an investor who purchased the Texas building to affect a tax deferred exchange. Cash flow, ease of management, and the multi-year lease had appeal to the buyer.”
Built in 2012, the distribution building was expanded from 38,593 square feet to 67,704 square feet in 2015. The construction type is pre-engineered structure with metal exterior wall panels and standing seam roof. FedEx, the only tenant, signed a lease for the building, which began in August 2012 and ends July 31, 2025.
About Lee & Associates
Lee & Associates – Orange has a team of 50 agents and brokers that have provided expert commercial real estate services in and around Orange County, since 1983. Lee & Associates is the largest broker-owned firm in North America with 52 locations across the U.S. and more than 800 brokers nationwide, providing a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates – Orange, visit Lee & Associates – Orange or follow us on Facebook, LinkedIn, Google+ and Twitter.