ClearRock Properties (Prima’s predecessor) and its capital partner acquired the 374,000-SF warehouse facility – located near major interstates I-95 and I-91 – from its owner-occupant who vacated prior to closing. The partnership purchased the asset at a significant discount to replacement cost, completed base-building renovations and resurfaced the parking lot. In addition, leases were signed with FedEx and other creditworthy tenants translating into an occupancy rate of 75% at the time of sale.