SRS Real Estate Partners announced today it has completed the sale-leaseback of a single-tenant 277,425-square-foot (sf) industrial asset located at 26661 Lipari Way in Warren, MI. Built in 2006 and situated on 11.66 acres, the property serves as the headquarters and distribution site for Lipari Foods, a wholesale food distributor.
SRS Capital Markets Vice Presidents Michael Carter and Frank Rogers represented the seller, Lipari Foods. The buyer was a private investment fund from New York City. Lipari Foods signed a new, corporate-guaranteed 15-year lease which helped signify the mission critical use of this location for the new ownership for years to come.
Carter said, “This was an ideal, low management investment for the new, out-of-state ownership. Lipari Foods is a successful perimeter-of-the-store distributor with an expansive reach to thousands of customers spanning more than thirty states and growing. This strategic location is a part of its business model and provides for future momentum.”
“We were able to create a dynamic sales environment through our SRS platform to distinguish the best partnership for the tenant and new landlord. Recognizing the best candidate not only monetarily for the seller, but also cohesiveness for the continued success of Lipari, was a key decision in this disposition. We feel that was achieved during this sale process,” added Rogers.
The property features 28,000 SF of office space over 205,000 SF of temperature-controlled warehouse space which includes nearly 23,000 SF of dock space with a total of 30 dock doors. It is situated along Lipari Way and benefits from direct access to Interstate 696, Interstate 94 and several other state highways.
Last year, SRS Capital Markets completed more than $3.5 billion in deal volume comprised of 950 transactions across the nation. SRS currently has in excess of 845 properties actively on the market with a market value surpassing $3.7 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is celebrating 40 years of going the extra mile for its clients. Building on its retail foundation, SRS provides commercial real estate solutions across retail, industrial, and capital markets. Headquartered in Dallas with 30 offices nationwide, the firm measures its success by the achievement of its clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.