100 Devilbiss Drive
Somerset, PA 15501 ·
155,227 SF · Industrial For Sale
DeVilbiss Healthcare Headquarters, Inc.
|Building Size||155,227 SF||Occupancy||100%|
|Clear Ceiling Height||24 ft.|
|Property Use Type||Net Lease Investment with 6 years left on lease||Lot Size||18.87 AC|
|Listing ID: 17212775||Date Created: 06/22/2011||Last Updated: 11/22/2011|
Stan Johnson Company is pleased to offer for sale to qualified buyers an attractive industrial property leased to a long-term medical manufacturing tenant in Somerset, Pennsylvania.
The property is 100% leased to DeVilbiss Healthcare Inc., a market-leader in medical respiratory devices such as sleep therapy products, interface and headgears, compliance monitoring systems, and pulmonary drug delivery products including nebulizer systems.
In August 2010, DeVilbiss spun-off from Sunrise Medical Holdings, Inc., a leading medical devices manufacturer. Since 2007, DeVilbiss had been operating as a separate division within Sunrise, sharing only basic accounting services demonstrating their ability to operate as an independent company. Even though DeVilbiss and Sunrise are currently separate entities, both corporately guaranty the lease. As of June 2011, DeVilbiss Healthcare, Inc. reported a net worth of $31.45mm and Sunrise Medical Holdings, Inc. reported a net worth of $62.7mm.
The property fronts the Pennsylvania Turnpike for more than 600 feet in Somerset, Pennsylvania, offering excellent visibility to more than 55,000 vehicles per day.
- Industrial property serving as the Headquarters of DeVilbiss Healthcare, a long-term tenant who has occupied the facility continuously since 1951
- Property fronts the Pennsylvania Turnpike for more than 600 feet, offering excellent visibility to more than 55,000 vehicles per day
- Lease is guaranteed by both DeVilbiss Healthcare, Inc. and Sunrise Medical Holdings, Inc. As of June 2011, DeVilbiss Healthcare, Inc. reported a net w
- Low rent per square foot of $2.53, and price per square foot of $28.18, well below replacement cost
- Absolute net-lease with no Landlord responsibilities
- Annual rental increases of 1.5% throughout the base lease term and option periods. Average annual return of 9.42% over remaining lease term (based on
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