Single Amazon warehouse to file for IPO

Bay Area startup consists of a 146K-sq-ft space leased to the e-commerce giant since 2009

National /
Jul.July 13, 2021 10:15 AM
ROX Financial president Anthony Moro (Getty, iStock)

ROX Financial president Anthony Moro (Getty, iStock)

Another Bay Area startup is planning to cash in by going public, but it’s not an e-commerce firm or a social network — it’s a warehouse an hour west of San Francisco.

ROX Financial LP is looking to make an initial public offering for a 146,000-square foot warehouse in Oakley, California, currently being leased by Amazon, according to the Wall Street Journal. It is believed to be the first real estate firm to go public despite consisting of a single property.

The startup would use an IPO to form a real estate investment trust to acquire the warehouse, which Amazon has leased for the last 12 years. After that, the company hopes to acquire more warehouses, specifically in hopes of serving Amazon, per a securities filing.

The company has applied to list its shares on the New York Stock Exchange’s all-electronic Arca platform, according to the Journal. They are offering 8.25 million shares, with each share listed at $10. They have also proposed to use AMZL as their ticker symbol, further associating themselves with the e-commerce giant.

The 25-acre warehouse in Oakley is currently responsible for preparing orders for last-mile Amazon deliveries. It features automated conveyor systems and has the capability to house electric vehicle charging stations, the Journal reported.

Industrial real estate properties like warehouses are currently seeing a surge as e-commerce continues to rise for both personal and business needs, even as the pandemic wanes. Amazon is already one of the nation’s top industrial tenants, leasing 22 million square feet of industrial space from Prologis alone.

[WSJ] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    NJ construction official accused of siphoning funds from developers’ account
    NJ construction official accused of siphoning funds from developers’ account
    NJ construction official accused of siphoning funds from developers’ account
    NYC City Council passes bill forcing hotels to dish out severance pay
    NYC City Council passes bill forcing hotels to dish out severance pay
    NYC City Council passes bill forcing hotels to dish out severance pay
    Vorea, Domain and L+M close on $88M LIC development site
    Vorea, Domain and L+M close on $88M LIC development site
    Vorea, Domain and L+M close on $88M LIC development site
    Condor Hospitality CEO J. William Blackham and Blackstone CEO Stephen Schwarzman (Condor, Getty)
    Condor Hospitality selling hotels to Blackstone for $305M
    Condor Hospitality selling hotels to Blackstone for $305M
    Comptroller Scott Stringer (Getty)
    City landlords’ tax delinquencies approach Great Recession levels
    City landlords’ tax delinquencies approach Great Recession levels
    Valley National CEO Ira Robbins and Bank Leumi USA CEO Avner Mendelson (Getty, Valley National, Bank Leumi)
    Valley National acquiring Bank Leumi USA for $1.1B
    Valley National acquiring Bank Leumi USA for $1.1B
    Longfellow Real Estate Partners CEO Adam Sichol with renderings of 310 East 67th Street (Friends UES, Rendering by DBOX, Longfellow)
    Blood Center rezoning on Upper East Side approved
    Blood Center rezoning on Upper East Side approved
    39 Clarkson Street (Google Maps)
    Hudson Square office building sold for $46M
    Hudson Square office building sold for $46M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...