Stag Buys Ryder Plant
Stan Johnson Co's Britton Burdette is getting a little financial ride from Ryder. Britton helped the truck rental company sell its 226k SF industrial facility in Statham for $7.7M to STAG Industrial. Ryder in turn leased back the property for a three-year term. Ryder uses the facility to help package dried goods for Kellogg, Britton says. (Did they give him some free boxes of Corn Flakes as a thank you.) STAG came in and bought the short-term deal on a 9.5% cap, but Britton says there's still a lot attractive to the facility: It sits across the road from the new Caterpillar plant, where demand for the tractor maker's suppliers is growing. "It wasn't just the sexy three-year deal," he quips.
Bacon. It isn't just for breakfast anymore. Send your news to Jarred@Bisnow.com.