Sentinel Net Lease (“Sentinel”) announced the acquisition of an Amazon Customer Service Center in Huntington, West Virginia for $16.9MM, from an affiliate of Lexington Realty Trust. The 69,000 sq. ft. property sits on 7.9 acres in Kinetic Park, the premier technology park in the greater Huntington metro area.
Sentinel is a commercial real estate investment firm formed by real estate industry veterans Fred Lewis and Dennis Cisterna this past winter with an eye on recession-resistant and tech-forward businesses as the primary tenants in new acquisitions.
“We thought we had the right investment thesis before the COVID-19 pandemic hit, which has only confirmed many of our core assumptions,” explained Cisterna, who serves as Sentinel’s head of investments. “We want real estate assets with businesses that are not only sustainable in poor economic conditions but have the potential to thrive. Amazon is an excellent example of the type of firm we want occupying our buildings.”
“The fact we were able to close this transaction during the pandemic, with the real estate capital markets essentially frozen, is a testament to the quality of this transaction as well as the acumen of our team at Sentinel,” stated Lewis, the firm’s chief executive. “We conducted an extensive amount of due diligence on this property and were able to give our investors and lender a high degree of confidence in this acquisition. Some of our peers in the industry have not been as fortunate as we’ve seen many transactions fall apart.”
Lara Johnson, Executive Vice President of Lexington Realty Trust, echoed those sentiments, “We are pleased to have successfully completed the sale to the Sentinel team. Even in the current challenging environment, the parties performed efficiently and effectively to close the transaction.”
The Seller was represented by Will Pike of CBRE in the transaction, while Sentinel was represented by Matson Kane and Teddy Leonard of Sands Investment Group.
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