Another piece of essential Cleveland real estate — a West Side trucking equipment provider — has been acquired by an out-of-town, publicly traded real estate investment trust.
In this case, Four Corners Properties Trust (NYSE: FCPT) of Mill Valley, California, on June 15 paid $1.3 million for the building at 4545 Industrial Parkway in Cleveland, according to Cuyahoga County land records. The building, dating from 1980 and last renovated in 2020, is leased by W.W. Williams of Columbus.
The structure is one of three properties that Four Corners acquired for a total of $10.3 million, according to a news release it issued. The three properties are all leased by W.W. Williams for another 15 years, Four Corners said. The portfolio is in Ohio and Michigan.
W.W. Williams has 48 locations across the U.S. and Mexico and is headquartered in Dublin, Ohio. It was founded in Columbus in 1912.
Although Four Corners announced the transaction, it did not comment on it in detail.
The company primarily has invested in restaurants for sale-leaseback transactions, but it has added auto and medical office properties to its acquisition strategy recently to diversify, it said in an investor presentation posted on its website in June. About 10% of its rental income is from properties in Ohio, that report stated.
Four Corners owns more than 1,000 properties, the REIT reported. Prior to June 2, the last time it reported on its acquisition pipeline, it had spent $154 million on transactions in 2023.
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