NEW YORK—A private equity fund has paid approximately $13.8 million for a portfolio of industrial properties located in California, South Carolina and Virginia. American Forest Products sold the properties in a sale-leaseback transaction, which was coordinated by Stan Johnson Co.’s New York City office.
A provider of third-party logistics and retail services, American Forest Products will continue to lease the properties for a 21-year term.
Camille Renshaw of Stan Johnson Co. represented both theseller and the buyer in the transaction, which included five industrial properties, totaling approximately 575,000 sq. ft. of space.
“Every detail of the sale-leaseback had to be specially managed to create a strong growth path for American Forest Products,” said Renshaw. “Ultimately, the seller was able to pay off debt and expand its credit revolvers for immediate and expansive new business growth.”