SkyREM is thrilled to announce the successful sale of a 58,000 square feet single-tenant industrial facility located in Portland, TN. The property, known as 3050 Barry Road, was leased on a long-term basis to Drew Foam Companies, a top player in the foam products industry for the food, building, and automotive sectors.
A Town with a Rich History
Portland, Tennessee is a small town located in Sumner County with a population of approximately 13,000 people. It is situated about 35 miles north of Nashville. The town is known for its rich history, friendly community, and beautiful natural scenery. Portland is also home to a diverse economy with industries ranging from healthcare to manufacturing, making it an attractive location for businesses and residents alike.
The transaction of the property sale was facilitated by Maggie Holmes of Northmarq’s Atlanta office who represented SkyREM. According to Marc Civitillo, Managing Director at SkyREM, the sale of the property was a strategic move. He said, “It’s the perfect time to exit the asset due to the strong market characteristics and high demand for smaller industrial properties.”
Focusing a Larger Mission
The proceeds from the sale will be used to focus on investing in larger mission-critical assets across the United States, which is the primary business focus of SkyREM. The successful sale of the industrial facility is a testament to the expertise and experience of SkyREM in the real estate market. The company’s decision to invest in mission-critical assets is a sound strategy that will position them for greater success in the future.
SkyREM is a privately funded real estate company based in Philadelphia and New York City that manages a diversified portfolio of properties across the United States. The company acquires assets throughout the country as a principal for its own account.