Simi Capital in partnership with Orion Investments and UGDG announced it has sold a 280,000 square foot industrial building located at 2001 Mirro Drive in Manitowoc, Wisconsin for $7.6M.
Shortly after acquiring the property for $3.95M, the partnership successfully executed its business plan by securing a long-term lease with Orion Energy Systems, a publicly traded company OESX (NASDAQ). The property was sold to a buyer in a 1031 exchange during the COVID-19 crisis and closed on July, 10th, 2020.
Andrew Skydell, Co-Founder of Simi Capital, made the announcement:
“We are pleased to close this institutional industrial asset. Our team successfully exceeded our initial business plan and we look forward to acquiring similar properties across the U.S. The Covid-19 pandemic presented us with numerous obstacles, however our brokers at Marcus and Millichap delivered a seamless execution during a time of unprecedented uncertainty.”
“This sale is particularly noteworthy in these times complicated by the COVID-19 Crisis. We are grateful to the entire investment team for the hard work necessary to expedite the closing of this successful transaction,” said, Kevin Sanz of Orion Real Estate Group.
Peter Mannarino and Jennifer Bondulich of Federman Steifman LLP were sellers counsel.
About Simi Capital:
Simi Capital is a real estate investment management firm headquartered in New York, NY that focuses on equity and debt investments. Simi Capital opportunistically invest across all real estate sectors and asset classes.
About Orion Investments:
Orion Real Estate Group is a diversified investment firm founded in 1978 and headquartered in Miami, that focuses on net lease assets throughout North America.
About United Global Development Corporation:
UGDC is private equity firm focused on the investment, development, and management of single-tenant, net-lease retail and industrial properties globally. Principals of the firm have closed on an excess of $2 billion in net-lease assets and are actively pursuing new investment opportunities between $5 and $75 million. Kevin Ross acts as the Head of Acquisitions and Asset Management.
