Comunale purchased the newly constructed 40,000 square foot facility via auction. Through the inefficient auction process, Comunale was able to take advantage of its ability to move quickly without needing financing to acquire the building at a substantial discount to replacement cost. The property was built in 2007 and is one of the only buildings in the subject market that is newly constructed and engineered for installation of bridge cranes, offering high ceilings, fully climate controlled warehouse space, compressed airlines throughout and heavy power.
After purchasing the vacant building, Comunale was able to receive a zoning variance to allow for additional uses that were not permitted under the existing zoning. With more flexible zoning and a low basis Comunale was able to offer an attractive rental rate to quickly land a tenant on a long term lease.