Stag Industrial Holdings has purchased more than 250,000 square feet of industrial warehouse space on Exchequer Drive for nearly $20 million, according to sales documents.
The Boston-based company—a real estate investment trust that acquires and operates single- and two-tenant, mostly occupied industrial properties throughout the United States—bought two Exchequer properties from Briar Meads Capital Trust in a deal that closed two weeks ago.
Those include a 109,000-square-foot building housing air conditioning system supplier Carrier Enterprise and contractor Carrier South Central, as well as a nearby 144,000-square-foot industrial warehouse used by Houston Wire & Cable Company, Jackson Supply Company, National Tire Wholesale, TireHub and Westlock Controls Corporation.
“We’re holding them on a long-term basis,” says Robert Hawkins, who oversees asset management for the Stag’s Louisiana properties. “We’re still getting our hands around building plans, since we need to take a closer look at the infrastructure of the buildings.”
The company typically spends between $5 million and $100 million on a single asset, according to its website, before leasing out the space to tenant companies.
The recent $19.9 million deal brings the number of Baton Rouge properties the company has in its portfolio to three, says Hawkins, the other being a Little Caymen Avenue building occupied by Logistics Distribution and UPS, located in between the two most recent purchases.
By the end of the first quarter, Stag cumulatively acquired 395 buildings (totaling over 78 million square feet in space) in 38 states. Hawkins says the company is open to finding more assets locally.