Joint venture buys Yankee Candle headquarters
Makes deal based on tenant's 'strength'By Inman News, Wednesday, October 25, 2006.
Jones Lang LaSalle negotiated the sale of the Yankee Candle Co. headquarters and its primary distribution center in South Deerfield, Mass.
The value of the transaction was not disclosed.
Constructed in 2001, Yankee Candle's world headquarters facility is a three-story structure with 75,580 square feet of class A office space, situated on an approximately 10-acre site. Adjacent to the company's corporate headquarters is a 256,000-square-foot distribution facility located on approximately 32 acres, which features 25-foot clear heights and 32 loading docks. Both properties include expansion rights and are leased to Yankee Candle Co. through 2016.
Candoff LLC and Candist LLC sold the buildings to a joint venture between AGC Equities LLC and Gumowitz Real Estate.
According to AGC Equities' Joe Brachfeld: "We were attracted to the quality of the assets, the long-term leases and the strength of the tenant...."
Jones Lang LaSalle delivers full-scale development, leasing, management, investment sales, construction, and structured finance services globally.
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