Foxgate Capital, through SPV affiliate under its first fund (as Manager), sourced and purchased 10.48-acres comprising of 6-acres of fully stabilized land (engineered concrete), 51,000square feet of warehouse, and a rail spur.
The site was leased to Travis Roofing Supply Company. Foxgate believed the short-term lease to be undervalued. Upon expiration of lease term, Foxgate brought in Amazon on a 1o-year triple net lease with a corporate guarantee for its 2-hr. delivery last mile truck fleet, increasing NOI by 148% year over year.
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