In one of the priciest deals in the Fort Wayne, Indiana, market last year, New York-based Kokot Realty Enterprises acquired Amazon's delivery warehouse at 8610 Avionics Drive.
The cap rate of 5.91% came below prevailing interest rates at the time of the sale in October. The 150,600-square-foot property changed hands from Great Lakes Capital and Hagerman Group for more than $15.6 million, or nearly $104 per square foot, in a 1031 exchange.
Amazon invested more than $10 million into the property for its build-out in 2020, highlighting its commitment to the lease and expectation for business demand. Construction was completed in 2022. The lease will last seven more years and includes two 5-year renewal options.
The winning sale was chosen by an independent panel of industry professionals within the market as the 2025 CoStar Impact Award sale/acquisition of the year.
The building covers 26 acres over two parcels and includes 12 dock doors, one drive-in door and a covered loading area.
About the sale: The transaction was based on a net operating income of $925,430.
They made it happen: Kyle Fant, senior vice president of SRS National Net Lease; Britt Raymond, managing director of SRS National Net Lease; and Charles Goldman, senior associate at SRS National Net Lease.