Boston-based STAG Industrial Inc. has completed the sale of seven industrial real estate properties to Exeter Property Group for gross proceeds of approximately $113.5 million.
The 2018 Portfolio consisted of approximately 1.8 million square feet located in six states. The assets are 100% leased to seven tenants.
“This portfolio sale of seven individually acquired industrial buildings demonstrates the value created by the STAG platform. As was evidenced in our previous portfolio sale, we achieved significant cap rate compression through the aggregation of individual industrial assets,” said Ben Butcher, Chief Executive Officer of the Company. “This transaction provides attractive capital for STAG as we head into 2019.”
STAG Industrial, Inc. is a real estate investment trust focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. The Company’s portfolio consists of 381 properties in 37 states with approximately 75 million rentable square feet.