Time Equities Inc. (TEI) has closed on its first acquisition in West Virginia.
The financial terms were not disclosed.
The property is currently 100 percent leased to a combination of national, regional and local tenants. The property is adjacent to CSX Transportation rail hub and the Port of Huntington, which is one of the country's largest inland ports.
"This acquisition presented us with an opportunity in today's industrial market to purchase an asset for $25 per square foot, which is levered to be significantly below replacement cost with in-place cash flow," said Max Pastor, director of acquisition at TEI.