A big sale can send a signal about a market, and the acquisition of a 406,080-square-foot distribution center in Auburn, Alabama, did just that, earning the transaction a 2025 CoStar Impact Award as judged by real estate professionals familiar with the market.
Stream Capital Partners closed the sale of the four-star property for $20.4 million to an unnamed, high-net-worth family based in California operating under the name Auburn Capital LLC. Mihada Construction was the seller in the transaction. The deal represented a 7.28% capitalization rate, or the estimate of the property's rate of return.
The building opened in 2019. About half the space is leased to Briggs & Stratton, the world's largest producer of engines for lawn mowers and outdoor power equipment. The company operates a manufacturing facility nearby.
"This transaction highlights the continued strong demand for high-quality industrial assets, particularly those with below-market rents," Stream executives Adam English and Adam Baxter said in a statement. "Despite the challenges posed by limited tenant financial information and a flat lease structure, we executed a highly competitive sales process resulting in multiple offers and a successful closing."
About the project: The distribution center, near Auburn University, is well situated to serve three large population centers. It is just 42 miles away from Columbus, Georgia, 49 miles from Montgomery, Alabama, and 115 miles away from Birmingham, Alabama.
What the judges said: The project offered significant development and job opportunities, said Paul Fincher, managing broker for Coldwell Banker Commercial | Kennon, Parker, Duncan & Davis.
They made it happen: Adam English, managing director, and Adam Baxter, vice president, of Stream Capital Partners in Birmingham, Alabama.