Colliers Meredith & Grew completed a sale/leaseback transaction for the Peterson Spring Regional Manufacturing Facility located at 40 Bearfoot Rd. to Campanelli Companies.
Colliers Meredith & Grew senior vice president Robert Cronin represented the seller Peterson American Corp., working with principal of acquisitions Stephen Murphy of Campanelli Cos., the buyer. The property sold for $4 million and the seller entered into a leaseback of the entire facility with the buyer.
Built in 1980, 40 Bearfoot Rd. is a single-story, 62,500 s/f industrial building.
"This is a "win-win" transaction whereby Peterson American gets to recapture the equity it has in the property via a sale/leaseback transaction and Campanelli receives immediate cash-flow with a potential future "value-added" redevelopment opportunity on a site that offers major visibility and identity on a major highway in Metro West," said Cronin.