Matthews Real Estate Investment Services has successfully completed the sale of two industrial properties, located at 11864 Chesterdale Road in Cincinnati, Ohio and 2515 Semco Drive in Belton, Missouri. The combined portfolio sold for $11 million, setting a record for one of the highest purchase prices for a single-tenant SiteOne portfolio sale within the past decade. Leading this transaction were Matthews Associates Taylor Dintzner and Senior Associate Erik Manarino , along with Associate Vice President John Stroud.
The seller is the founder of Semco Stone – one of Midwest’s largest natural stone distributors. In 2021, SiteOne Landscape Supply acquired Semco Stone making it North America’s only wholesale distributor with over 700 locations.
Dintzner stated that after selling Semco Stone several years ago, their client was looking to cash out on these buildings to reinvest into their real estate and business portfolios. Through effective marketing strategies employed by Matthews REIS team members resulted in an all-cash buyer closing at an impressive cap rate of 6.55%.
This acquisition provides generational assets to private investor buyers as both properties have strong credit tenants such as SiteOne occupying them.The total square footage amounts up to approximately37 thousand square feet while covering nearly39 acres with a lot coverage ratio reaching2 .22%.
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