Industrial Building in Abilene, TX Sells for $7.5 Million

ABILENE, Texas - Nov. 29, 2016 - PRLog -- The 67,704-square-foot FedEx Ground distribution building located at 801 N. Arnold Blvd. in Abilene, Texas, was purchased for $7.5 million.

       Principal Allen C. Buchanan and Associate Joshua K. Harper, who are with the Orange, CA office of Lee & Associates, the largest broker-owed commercial real estate firm in North America, represented the buyer, Double Run, LP, an investment company based in La Habra Heights, CA. The seller, Devron Abilene, LLC, was represented by Douglas Longyear of Cushman & Wakefield.

       "We just sold a building located out of the state of California," said Buchanan of Lee & Associates Orangbe. "Our client, who wanted to own property in Texas was an investor who purchased the Texas building to affect a tax deferred exchange. Cash flow, ease of management, and the multi-year lease had appeal to the buyer."

       Built in 2012, the distribution building was expanded from 38,593 square feet to 67,704 square feet in 2015. The construction type is pre-engineered structure with metal exterior wall panels and standing seam roof. FedEx, the only tenant, signed a lease for the building, which began in August 2012 and ends July 31, 2025.

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Celebrating more than 37 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and  Canada including Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Maryland, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Vancouver BC and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates, visit lee-associates.com (http://www.lee-associates.com/)