VOL. 127 | NO. 165 | Thursday, August 23, 2012
New York REIT Buys Williams-Sonoma Distribution Center
By Sarah Baker
American Realty Capital Trust III Inc., a New York-based real estate investment trust, has acquired the 1.1 million-square-foot Williams-Sonoma distribution center in Olive Branch for $52.4 million, or $47 per square foot, from a private investor.
Representing the seller in the transaction were Cushman & Wakefield’s executive director Stewart Calhoun in Atlanta, managing director Robert Elms in New York and Dave Curran of Cushman & Wakefield/Commercial Advisors LLC in Memphis.
The cross-docked distribution facility was built in 2000 as a build-to-suit for Williams-Sonoma Inc., a high-end manufacturer of kitchenware. It is 100 percent leased to Williams-Sonoma Retail Services Inc., a subsidiary of San Francisco-based Williams-Sonoma Inc., the guarantor of the lease.
The lease has an original term of 22 years, starting in August 2000 and expiring in January 2023.