Washington-based Recreational Equipment Inc. has sold off its West Valley warehouse in Goodyear to an investment firm in a major sale-leaseback deal.
New York-based Madison Capital paid $230 million to acquire four of REI Co-op's distribution centers in different states: Arizona, Tennessee, Washington and Pennsylvania.
It bought the Goodyear property, located at 4877 N. Cotton Lane, for $46.4 million in all cash, or about $113 a square foot, according to real estate database Vizzda and county records.
As part of the sale agreement, REI signed a lease for 15 years with two additional 10-year renewal options. It also has right of first offer to purchase the 410,421-square-foot facility.
