Angelo, Gordon & Co. Initiate $76m Sale-Leaseback with Hensley & Co, Cindy McCain

VIZZDA—December 28th, 2012 — Gordon Whiting, Managing Director and Portfolio Manager at Angelo, Gordon & Co. in New York, has acquired three cold storage and distribution facilities from Hensley & Co. and its chairperson, Cindy Hensley McCain. The properties are described in greater detail below:

  • Hensley Industrial Park: A 296,888 ft2 warehouse and distribution center at 4201 N. 45th Avenue in Phoenix, comprised of 60,663 ft2 office and 148,005 ft2 cold-storage built in 1988 with additional cold storage of 28,003 ft2 in 1998 and 58,936 ft2 in 2002. The facility sits on 32.96 acres, zoned A-1 and features thirty truck bays, fifteen roll top doors and a rail spike. It was acquired via quitclaim from representatives of the Atchison Topeka and Santa Fe Railroad on December 4th, 1995 and owned by Hensley & Co. at the time of sale. The $47m price tag represents a $158.39 price per ft2.
  • Hensley Chandler Facility: A 230,826 ft2 warehouse and distribution center at 2555 N Nevada Street in Chandler built in 2007 on 25.95 acres, zoned PAD. The property features twelve truck bays, thirty roll top doors and rail access. It was acquired on December 4th, 1995 from Brandon Mark of Catellus Development as vacant land for $1,002,655 and sold to the personal trust of Cindy Hensley McCain on May 25th, 2011 for $25m or $108.30 per ft2. The $26.5m price tag represents a $144.80 price per ft2.
  • Hensley Prescott Valley Facility: A 33,364 ft2 warehouse and distribution center at 10201 E. Valley Road in Prescott Valley comprised of 7,662 ft2 office, 18,480 ft2 cold storage and 7,222 ft2 warehouse. The facility was built in 2003 on 13.31 acres zoned M-1 and features four truck bays, two roll top doors and ten truck parking spaces. It was acquired from the Fain Signature Group on January 22nd, 2002 as vacant land for $1,280,664 and sold to the personal trust of Cindy Hensley McCain on March 11th, 2011 for $4m or $119.88 per ft2. The $2.5m price tag represents a $74.93 price per ft2.

Per the memorandum of lease recorded between Angelo, Gordon & Co. as landlord and Hensley & Co. as tenant, Hensley & Co. will lease the three properties until December 27th, 2030 with four 5-year options to extend.

By:

Paul Dionne

Director of Analytics

Vizzda

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