True Value Co., a wholesale retailer, has sold its regional distribution center at 26025 First St. in Westlake, Ohio.
The sale of the 942,000-square-foot property closed at $30 million, according to Cuyahoga County records. The buyer, Hammered Home LLC, is associated with New York City-based real estate investment trust WP Carey Inc. (NYSE: WPC).
WP Carey specializes “in the acquisition of operationally critical, single-tenant properties in North America and Europe,” according to its website.
The company doesn’t appear to be exiting the location, however. Other documents in county records show that True Value signed a lease with WP Carey on the property, which is set to expire at the end of August 2042.
Jeffrey Olson, senior vice president and chief financial officer at True Value Company, is listed as the signatory for the property transfer and lease memorandum.
True Value has owned the property since 1989. According to Cuyahoga County records, the 400,000-square-foot industrial building was constructed in 1972. As of 2021, the county values the property at $8.3 million
True Value has 12 other regional distribution centers and more than 4,500 locations worldwide. The wholesale retailer was founded in Chicago in 1948 as Cotter & Company by John Cotter. It is currently owned by Acon Investments.