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REIT buys Lake County property for $6 million REIT buys Lake County property for $6 million CoStar The building housing beverage equipment maker Bevcorp in Eastlake has been acquired by an out-of-town REIT from a local investment group. What a change a new tenant with a long-term lease can make in the value of a factory-warehouse building in today s torrid industrial real estate market. Case in point: the $6 million sale in May of the Bevcorp LLC building, 37200 Research Drive in Eastlake, to an affiliate of Royal Oak Realty Trust, a private, non-traded real estate investment trust based in Rochester, N.Y.. The Independence-based investor group that sold the property, CLE37200RESEARCH LLC, had paid $4.25 million for the 105,000-square-foot building on Nov. 13, 2020, according to Lake County land records. The county appraises the building at just $3 million for property tax purposes.

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