Trending...
- 'Public Speaking Without Panic' Launches to Help Leaders Speak with Confidence
- Digital Watchdog Launches New myDW Cloud Services
- Atlas Home Improvement Launches Annual Helmet for Heroes Giveaway on July 4, 2025
FARMINGTON HILLS, Mich.--(BUSINESS WIRE)--Friedman Real Estate, one of the nation's leading providers of commercial real estate services, in a joint venture with Taconic Capital Advisors, a global institutional investment firm, has acquired a 1.23 million square foot industrial portfolio for $46 million. The four-property portfolio, located in Waterford, Michigan and Liverpool, New York, was purchased from Rite Aid Corporation as a structured sale-leaseback.
The portfolio consists of 744,000 square feet across two distribution centers at 7245 Henry Clay Blvd. and 4577 Buckley Road in Liverpool, New York; a 407,000-square-foot distribution center located at 5400 Perry Drive in Waterford, Michigan, and an 87,000-square-foot vacant industrial building at 7189 Henry Clay Blvd. in Liverpool, New York. As part of the transaction, the joint venture also purchased more than 50 acres of land for possible future expansion and development.
The distribution centers were originally built by Michigan-based Perry Drugs and New York-based Fay's Drugs, which were acquired by Rite Aid Corporation. Rite Aid will continue to utilize three of the four buildings as distribution centers for its Midwest and East Coast e-commerce platform operations.
"We are excited to expand our presence in the industrial market with the acquisition and leaseback of these facilities," says Jared Friedman, Managing Director of Friedman Real Estate. "We are confident about the future growth prospects in the logistics sector and the potential for development and redevelopment within this portfolio."
More on Michimich.com
"The deep demand for suitable logistics solutions in both the New York and Michigan regions presented a rare and powerful investment opportunity," James Jordan, principal and portfolio manager of Taconic Capital Advisors CRE investments. "This acquisition marks Taconic's first industrial investment as part of its new fund."
About Taconic Capital Advisors
Taconic Capital Advisors is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach designed to generate strong, risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. The company has roughly $8 billion of total assets under management with offices in New York, London, and Hong Kong, and more than 100 employees worldwide.
Taconic's full-service commercial real estate platform invests in all asset classes and across the capital structure in both public and private markets. The strategy's broad mandate offers flexibility to capitalize on shifting market opportunities, creating uncorrelated risk-adjusted return profiles for investors. Rooted in distressed and opportunistic investing, the team applies high-touch asset management capabilities to drive strong asset-level performance and capital market executions. Well-established relationships drive Taconic's unique and diverse transaction sourcing channels which include local operating partners, investor partners and a broad network of lenders, CMBS special servicers, trading desks and brokerage houses.
More on Michimich.com
Taconic's series of closed-ended real estate funds are fully discretionary and have received over $1 billion in capital commitments. Investments to date across all Taconic funds total over $3 billion of gross asset value across roughly 165 distinct transactions.
About Friedman Real Estate
As one of the largest privately held full-service commercial real estate organizations in the nation, Friedman Real Estate provides clients with a single point of contact for the full range of Advisory, Property Management, Brokerage, and Construction services that it offers.
Friedman manages more than 140 commercial properties encompassing more than 15M SF and more than 15,000 apartment homes throughout the United States. Friedman's brokerage team has over 800 current listings with $20 billion in closed transactions. As owners and managers of commercial property for over 30 years, Friedman understands what it takes to achieve results that maximize their clients' objectives. Additional information is available at friedmanrealestate.com and on LinkedIn, Twitter, and Facebook.
Contacts
Media:
Shea Communications LLC
George Shea, Allison O'Donnell (212) 627-5766
The portfolio consists of 744,000 square feet across two distribution centers at 7245 Henry Clay Blvd. and 4577 Buckley Road in Liverpool, New York; a 407,000-square-foot distribution center located at 5400 Perry Drive in Waterford, Michigan, and an 87,000-square-foot vacant industrial building at 7189 Henry Clay Blvd. in Liverpool, New York. As part of the transaction, the joint venture also purchased more than 50 acres of land for possible future expansion and development.
The distribution centers were originally built by Michigan-based Perry Drugs and New York-based Fay's Drugs, which were acquired by Rite Aid Corporation. Rite Aid will continue to utilize three of the four buildings as distribution centers for its Midwest and East Coast e-commerce platform operations.
"We are excited to expand our presence in the industrial market with the acquisition and leaseback of these facilities," says Jared Friedman, Managing Director of Friedman Real Estate. "We are confident about the future growth prospects in the logistics sector and the potential for development and redevelopment within this portfolio."
More on Michimich.com
- Deaths Spur Closures, but Troubled Teen Camps Must Be Banned, CCHR Warns
- Hillside Terrace Champions Lifelong Learning in Assisted Living
- Veteran Criminal Defense Attorney Offers Strategic DUI Defense and License Reinstatement
- Ann Arbor Criminal Defense Attorney Urges Residents to Be Informed During Police Encounters
- ArborMotion Highlights the Importance of Timely Brake Replacement for European Vehicles
"The deep demand for suitable logistics solutions in both the New York and Michigan regions presented a rare and powerful investment opportunity," James Jordan, principal and portfolio manager of Taconic Capital Advisors CRE investments. "This acquisition marks Taconic's first industrial investment as part of its new fund."
About Taconic Capital Advisors
Taconic Capital Advisors is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach designed to generate strong, risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. The company has roughly $8 billion of total assets under management with offices in New York, London, and Hong Kong, and more than 100 employees worldwide.
Taconic's full-service commercial real estate platform invests in all asset classes and across the capital structure in both public and private markets. The strategy's broad mandate offers flexibility to capitalize on shifting market opportunities, creating uncorrelated risk-adjusted return profiles for investors. Rooted in distressed and opportunistic investing, the team applies high-touch asset management capabilities to drive strong asset-level performance and capital market executions. Well-established relationships drive Taconic's unique and diverse transaction sourcing channels which include local operating partners, investor partners and a broad network of lenders, CMBS special servicers, trading desks and brokerage houses.
More on Michimich.com
- EASTSIDE GOLF OPENS FIRST U.S. STOREFRONT IN DETROIT
- Palmer Lake Wine Festival To Build Bridges in Small Mountain Community, Highlight Local Businesses
- SacraPod Suites Unveils AI-Powered 'Work + Rest' Smart Hospitality Model for Retrofitting Underused Motels Across the U.S
- From Real Estate to Reel Power: H.L Woods Carves His Legacy as a Cutting-Edge Visionary Filmmaker
- 'Unity Through Christ Music Festival' coming to Detroit Saturday August 9, 2025
Taconic's series of closed-ended real estate funds are fully discretionary and have received over $1 billion in capital commitments. Investments to date across all Taconic funds total over $3 billion of gross asset value across roughly 165 distinct transactions.
About Friedman Real Estate
As one of the largest privately held full-service commercial real estate organizations in the nation, Friedman Real Estate provides clients with a single point of contact for the full range of Advisory, Property Management, Brokerage, and Construction services that it offers.
Friedman manages more than 140 commercial properties encompassing more than 15M SF and more than 15,000 apartment homes throughout the United States. Friedman's brokerage team has over 800 current listings with $20 billion in closed transactions. As owners and managers of commercial property for over 30 years, Friedman understands what it takes to achieve results that maximize their clients' objectives. Additional information is available at friedmanrealestate.com and on LinkedIn, Twitter, and Facebook.
Contacts
Media:
Shea Communications LLC
George Shea, Allison O'Donnell (212) 627-5766
Filed Under: Business
0 Comments
Latest on Michimich.com
- Stan Fitzgerald Appointed Acting Press Secretary for Veterans for America First VFAF Georgia State Chapter
- Atlas Home Improvement Launches Annual Helmet for Heroes Giveaway on July 4, 2025
- Drone Light Shows Emerge as the New Standard in Live Event Entertainment
- Lore Link is Here to Help Organize Your Game
- Chappaqua's Annual Townwide Summer Sale – Unbeatable Savings at Your Favorite Local Boutiques!
- Skyline Partners with ZenSpace to Offer Private Meeting Pods for Trade Show Exhibitors
- Michigan Collection Company Gives Tips for Enforcing Payment Plans
- Michigan Lawn Care Company Promotes Midsummer Grub Control
- Michigan Dock Manufacturer Highlights Fun and Practical Accessories
- AI Innovation Dual-Strategy Business Model Focused on Real Estate Development for Strategic Expansion: OFA Group, (N A S D A Q: OFAL)
- Construcción del Corredor Norte–Sur (NSC) de Singapur
- New Report: Slip and Fall Accidents Rank as the Leading Cause of Construction Site Fatalities
- Get Your Cowboy Boots On! Causeway Country BBQ Music Festival Kicks Off September 12–14 in Ft. Pierce
- Retired Hobbyist Launches Bold Weekly Album Project Using AI Songwriting Tools
- DimHum Launches Revolutionary CrowdShipping Service
- Eolian Signs New Information Exchange Agreement with the U.S. Department of Defense for Technology Innovation
- Infinite Health Introduces Cutting-Edge Regenerative Medicine for Wound Care with Trip Goolsby, MD
- Top Dentist Concord CA, Smile Makers Dental Care, Celebrates 500 5-Star Reviews
- Bio-Inspired Technology-Dynamic and Adaptable for unknown real-world environments
- 'Public Speaking Without Panic' Launches to Help Leaders Speak with Confidence