Box Equities purchased a vacant, 113,240-square-foot industrial property in Newport News, Virginia, from Muller MartiniManufacturing Corp. for $10.5 million, or approximately $92.72 per square foot.
The two-story industrial building at 725 City Center Blvd was built in 1991 on a 9.4-acre parcel with C5 zoning. The property had been vacant for at least six months prior to the transaction and sold for just below its January asking price of $10.9 million. The seller is a global manufacturer of print finishing systems for the industrial production of brochures, magazines and books.
Box Equities, a private real estate investment firm focused on acquiring undervalued triple-net leased industrial properties in primary and secondary markets across the U.S., has already secured a tenant for the property. Following the acquisition, the space was leased to a government contractor.
Box Equities currently owns 24 properties totaling approximately 4.47 million square feet across its portfolio.
