â€”Chicago-based Griffin Capital has acquired 110 Algonquin Parkway in Hanover for $13 million from Hartz Mountain Industries.
The Colliers International team of Jeffery Oram, executive managing director of Colliers Internationalâ€™sService Group, and Jonathan Ortiz, associate director, represented both the buyer and the seller in the transaction.
The property totals 114,265 sq. ft. of Class A industrial space and is currently leased to General Electric Aviation Systems through 2018.
â€śHartz is always a reluctant seller â€“ especially of a great asset with a solid tenant,â€ť said Emanuel Stern, president and COO for Hartz Mountain Industries. â€śColliers brought us an opportunity that lets Griffin enjoy the income stream and we can reallocate the capital to something more entrepreneurial.â€ť