October 18, 2010 Chicago – Venture One Real Estate, LLC, negotiated the disposition of two single-tenant, fulfillment and distribution centers totaling 1,153,434 SF for approximately $70,000,000, announced Roy L. Splansky, SIOR, Principal of Chicago-based Venture One Real Estate.
Splansky and Mark B. Goode, SIOR, also a Principal of Venture One, represented the seller, entities controlled by St. Louis, MO-based Clayco Realty Group. Both buildings were built and developed by Clayco, Inc.
The buyer, a New York, N.Y.-based institutional owner, represented themselves in the transaction.
The first building is strategically located in Brookville (Dayton), Ohio within ½ mile from a full four-way interchange at I-70 and Arlington Road. The fulfillment and distribution center is 801,711 square feet on approximately 58.50 acres and is 100% leased to Payless ShoeSource Distribution, Inc. on a long term basis.
Payless ShoeSource Distribution, Inc. is a wholly owned subsidiary of Collective Brands, Inc (NYSE: PSS), which operates as the largest specialty family footwear retailer in the Western Hemisphere. Headquartered in Topeka, KS, Collective Brands, Inc. sold nearly 150 million
pairs of shoes, and approximately 40 million units of accessories, generating $3.44 billion in net sales through its network of nearly 4,600 stores.
The second building is located in Tejon Industrial Complex, at Tejon Ranch, a master planned development located at the heart of California’s north-south connection, just north of Los Angeles along Interstate 5. It is a fulfillment / distribution building with a total net rentable area of 351,723 square feet on approximately 24.40 acres and 100% leased to Brown Group Retail, Inc. on a long term basis.
Brown Group Retail, Inc. is a wholly owned subsidiary of Brown Shoe Company, Inc (NYSE: BWS), a marketer and supplier of brand-name, private label and licensed footwear to department stores, mass-merchandisers, and independent and specialty stores. Headquartered in St. Louis, MO, Brown Shoe Company, Inc. had approximate sales of US $2.24 billion in 2009.
Brown Group Retail, Inc. operates the facility as a fulfillment center for its Famous Footwear Stores. The facility services over 350 Famous Footwear stores west of the Rockies. Assisting on the Brown Shoe transaction was the Colliers International team of John DeGrinis, SIOR and Thomas Taylor.