This property is Off-Market
1411 Navarre Road SW
Canton, OH 44706 ·
186,285 SF · Industrial For Sale
NNN, Credit Industrial|Extended Leases|$22/S.F!
|Building Size||186,285 SF||Year Built||1999|
|Property Type||Industrial||Clear Ceiling Height||40 ft.|
|No. Dock-High Doors/Loading||12|
|Property Use Type||Net Lease Investment with 7 years left on lease||No. Drive In / Grade-Level Doors||2|
|Cap Rate||8.88%||Lot Size||10.50 AC|
|Listing ID: 18215897||Date Created: 06/12/2013||Last Updated: 10/31/2013|
"77 - 30 Center," is a 186,285 S.F. industrial and manufacturing facility optimally located adjacent to I-77 in Canton, Ohio. With highway visibility from I-77 and immediate access to the property upon exiting the freeway, the property is in a perfect location to serve the tenants and is a well-known landmark to the area. The property is being offered for $4,150,000, representing an 8.88% CAP Rate, high 16.10% projected year-1 cash-on-cash return, & low price per square foot asking price ($22).
With 100% occupancy, the building offers stable tenancy and is leased by credit tenants on Triple Net (NNN) leases. The facility is anchored by Crown Cork & Seal (NYSE: CCK / S&P "BB+"), who just executed an early lease extension through 2020 showing their long-term dedication to the site for their distribution needs. Crown is the leading manufacturer of packaging products for consumer marketing companies around the world. The company manufactures six miles to the west of the featured property & moved its distribution segment to this facility for its world-class distribution perks, featuring 7 docks, 40' clear ceiling, sprinklers & its location on the junction of I-77 and Route 30.
The facility also boasts international, S&P "BBB-" rated anchor tenant, Timken (NYSE: TKR), whom just renewed their lease. Timken employs over 21,000 people and is headquartered nearby in Canton, Ohio. Timken is the leading global manufacturer of highly engineered bearings and associated products. In addition to Timken and Crown, Helios Coatings has a large presence at the facility. The company has created a revolutionary process that replaces chrome. Their new system is lighter, less expensive and environmentally friendly. Crown has recently been accepted as a preferred vendor by major car manufacturers, Chrysler and GM. Helios just executed an early lease extension and only a short time ago invested over $13 million into their space showing a high level of commitment to the property.
Canton is the county seat of Stark County in Northeastern Ohio, approximately 24 miles south of Akron and 60 miles south of Cleveland. The featured property is central with access to either I-77 or Route 30 surrounded by manufacturing. The Akron-Canton Airport is within close proximity (10 miles) and The Navarre Road exit off I-77 sits 0.1 mile from the property.
- Recently Executed Lease Extensions With ALL Tenants! Main Anchor, Crown Through 2020 and Helios Through March 2016
- Anchored by Nationally/Internationally Recognized Credit Tenants: Timken (NYSE: TKR / S&P "BBB-") and Crown Cork & Seal (NYSE: CCK / S&P "BB+")
- Low $22/S.F. Price with High 16.10% Projected Year-1 Cash-on-Cash Return
- Now 100% Occupied: NNN Anchor Leases with High-Quality Tenants & Additional Vacant Land Included
- Tenant, Helios Recently Completed Over $13 Million of Tenant Improvements to Their Space & Just Executed Early Lease Extension, Showing a High Level
- 186,285 S.F. with Up To 40' Ceiling Height: 12 Docks (9 with Levelers)
- Fenced Yard
- Trailer Parking
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