Matthews™ Closes SiteOne Portfolio Transaction for $11M

Industrial Portfolio Sale in Midwest

 

Cincinnati, OH —Matthews Real Estate Investment Services™, a leading commercial real estate investment services and technology firm, completed the sale of two industrial properties, 11864 Chesterdale Road in Cincinnati, OH, and 2515 Semco Drive in Belton, MO. Together, the portfolio sold for $11,000,000, a record purchase price for a single-tenant SiteOne portfolio sale in the last 10 years, according to CoStar. Matthews™ Associate Taylor Dintzner, Senior Associate Erik Manarino, and Associate Vice President John Stroud managed the transaction.

 

The seller is the founder of Semco Stone, one of the largest natural stone distributors in the Midwest. Semco Stone was acquired by SiteOne Landscape Supply in 2021, the largest and only wholesale distributor of landscape supplies with 700+ locations across North America.

 

“After selling Semco Stone several years ago, our client was ready to cash out of the buildings and use the capital to pivot his real estate and business portfolio,” Dintzner said. “Through our marketing efforts, we closed with an all-cash buyer at a 6.55% cap rate.”

 

With this sale, the buyer, a private investor, acquired generational pieces of real estate with a strong credit tenant in SiteOne. The buildings boast 37,201 square feet, 38.54 acres, and a lot coverage ratio of 2.22%.

 

“These sites are two of the largest SiteOne properties in the country, plus they feature absolute NNN leases, making this investment a rare find and a valuable opportunity,” Manarino said.

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.