Quad Cities Business Journal – September 19, 2023: “BITCO offices in Davenport acquired by Sentinel Net Lease.” Regional business press coverage of Sentinel’s purchase of BITCO Insurance’s headquarters in Davenport, Iowa. The Class A office building (42,676 sq. ft., built 2016) was acquired for $13.3 million and is 100% leased to BITCO[9]. In the announcement, CIO Dennis Cisterna noted it was a “unique opportunity” to buy a new-construction property with a long-term institutional tenant, at a price below replacement cost and with assumable favorable debt[10]. CEO Fred Lewis added that the deal expanded Sentinel’s footprint in the Midwest, growing its portfolio to 18 assets totaling ~1.8 million sq. ft.[11]. (Link: Quad Cities Business Journal)
[9] [10] [11] BITCO offices in Davenport acquired by Sentinel Net Lease
