GERSON LAW FIRM represented a buyer that closed this week on the acquisition of a newly constructed FedEx Ground Terminal Hub in Billings, MO.
The acquisition was the second leg of a 1031 transaction in which GERSON LAW FIRM last Spring represented its client in the sale of a large industrial facility in San Diego, California. The FedEx facility acquired was a build to suit center. In connection with the transaction, GERSON LAW FIRM represented its client in closing a CMBS loan in the amount of $21,300,000.
The 146,598 sq. ft. concrete title up distribution building is one of only 31 large, critical FedEx Ground Terminal Hubs that link FedEx Ground’s 482 distribution facilities in the U.S. FedEx Ground has leased the subject property for 15 years. FedEx will spend $10 million on its fully automated package sort and handling conveyor system in the building.
Billings is the primary commercial and distribution center in a trade area that encompasses Montana, northern Wyoming, and western North Dakota and has a population of approximately 500,000. Billings is the largest city supporting the fracking activity in a game changing energy industry.