Source: bizjournals.com

A real estate investment firm in Boston paid $31.29 million for eight industrial warehouses, three developed buildings and one flex building of completely leased space in Johnstown and Gloversville.

STAG Capital Partners said on Monday it had sold nearly 900,000-square-feet in the Crossroads Industrial Park, Johnstown Industrial Park, and Crossroads Business Park. The buildings were owned by Crossroads Incubator Corp., an affiliate of the Fulton County Economic Development Corp. that was formed in 1986 to boost up economic development and replace manufacturing jobs that were lost in Fulton County.

The main idea was to present companies a low-cost place to locate their warehouses and other industrialized buildings. As the companies grew, they would necessitate more space. One more goal was to encourage the companies to eventually take ownership of the properties. A portfolio of 18 properties was put on the market in December with a list cost of $46.5 million. Twelve of the 18 were put together and sold to STAG. The other six will be put on the market once more at a later on date. It's the first purchase in New York for STAG Capital Partners, which purchases single-tenant, net leased properties through the third-party transactions and corporate sale-leasebacks.