Ambrose announces $49M disposition of 554,000 SF facility near Huntsville, Alabama
Modern logistics facility is fully occupied by leading solar energy and manufacturing firm, First Solar
INDIANAPOLIS – Ambrose, a leading vertically integrated investment manager specializing in Class A industrial, logistics and e-commerce real estate, announced today the sale of a 554,000-square-foot, Class A distribution hub situated on more than 40 acres at 1250 Cooperage Way in Trinity, AL, located within the Greater Huntsville, AL region. The modern facility is fully occupied by First Solar, a U.S.-based photovoltaic solar technology and manufacturing company. The buyer is global investment bank Goldman Sachs (NYSE: GS).
Ambrose developed the asset, working closely with First Solar end-to-end throughout the design, construction and financing of the project. The state-of-the-art facility includes 40-foot clear heights, 40 docks, 80 auto parking spots, 36 trailer parking spots and truck courts with 150-foot depths. The facility houses machinery, raw materials and equipment for use in First Solar’s adjacent, recently completed manufacturing facility.
“This successful investment exit underscores the Ambrose team’s multidisciplinary capability in the development and strategic positioning of this asset to achieve an attractive outcome amid the current market environment,” said Ambrose Founder and CEO Aasif Bade. “This transaction is also indicative of the institutional market’s appetite for modern, high-quality Class A logistics facilities that meet the needs of today’s sophisticated, tech-forward tenants.”
First Solar, founded in 1999, is America’s leading photovoltaic solar technology and manufacturing company, and is the only U.S.-headquartered company among the world’s largest solar manufacturers. Importantly, the distribution hub is located less than one mile from First Solar’s newly opened $1.1B production facility, and it is part of an investment strategy that will scale First Solar’s manufacturing footprint in the U.S. to more than 10 GWDC (Gigawatt Direct Current) and generate over 700 new jobs in the Alabama market.
“At Ambrose, our build-to-suit philosophy is rooted in a spirit of hands-on collaboration and a relentless commitment to our clients’ visions,” said Scott Sanders, Senior Vice President, Deployment and National Build-to-Suit Officer at Ambrose. “We are proud to have played an impactful role in supporting their growth by delivering a real estate solution tailored to meet the needs of First Solar’s growing business today, while positioning it for continued evolution and advancement.”
Ambrose was represented in the transaction by the JLL Capital Markets team that included John Huguenard and Will McCormack.