Property details
Plastech, Great Lakes - Big Rivers Region
Property Description
• Absolute NNN two story, low rise suburban office and product research and development facility.
• NNN lease
• Great upside opportunity with 2.5% annual rent bumps
• Key corporate office and product development facility
• Tenant is a leader in its industry
• Average Cap: 8.33%
• Strong demographics with approximately 165,000 residents within a five mile radius, with an estimated average family household income of $105,000.
• Lease is guaranteed by Corporate signature tenant who has grown from one single plant to nearly 40 manufacturing facilities throughout North America since its formation in 1988
The company is a designer and maker of blow-molded and injection-molded plastic products, primarily for the automotive industry.
Images
Highlights
- Status:
- Available
- Price:
- $26,300,000
- PSF:
- $235
- Cap Rate:
- 7.15%
- Annual Rent:
- $1,880,724
- Rent Increases:
- Tremendous NOI growth with 2.5% annual rent increases resulting in an average cap rate of 8.33%. Cap increases to approximately 9 6% by the end of the primary term.
Property Information
- Building Size:
- 111,881 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Auto Parts - Repair
- Units/Spaces:
- 1
- Year Built:
- 1995
- Land Area:
- 15 sq.ft.
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Plastech
- Lease Type:
- NNN
- Lease Commencement:
- 12/15/2005
- Lease Expiration:
- 12/31/2020
- Lease Term:
- 15 years
- Years Remaining:
- 11 years
- Landlord Responsibilities:
- Absolute NNN lease with approximately 13.5 years remaining. Tenant is responsible for all repair and maintenance of the property along with insurance and applicable real estate taxes.
- Options:
- Two 5-year options with 8 months renewal notice. Rent increases by 2.5% annually in each of the option periods
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.