2477 S Crabtree Drive, Princeton, IN, 47670 - Available for Sale

Industrial For Sale

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Midwest Flex / Industrial Park

2477 S Crabtree Drive, Princeton, IN 47670

$21,500,000

652,304 SF | Industrial

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Industrial Property For Sale

Price:
$21,500,000
Building Size:
652,304 SF
Price/SF:
$32.96
Property Type:
Industrial
Property Sub-type:
Flex Space
Property Use Type:
Investment
Cap Rate:
11.71%
Gross Rent Multiplier:
7.33
Year Built:
1998
Lot Size:
52.25 AC
Listing ID
18418916
Last Updated
5 days ago

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Highlights

  • 100% leased - 80% to credit tenant
  • History of strong growth & occupancy with long term tenants
  • Seller willing to stay and manage for buyer

Description

Subject is a Flex/Industrial development portfolio that has been developed since 1998. Strategically centered around Toyota's second largest manufacturing plant in the United States it benefits from the plants continuous growth and profitability. The property has since continued to see increased demand. This is evident by the most recent addition of approximately 110,000 sf to the existing build to suit for Toyota which was previously 210,000 sf. buildings 1-8 are developed as a park with buildings 9 & 10 being located nearby. Approximately 80% of the space is leased to Toyota or an affiliated business. The balance is largely comprised or suppliers and vendors. Most recently Toyota secured a 5 year lease on the largest building of 319,830 for the continued growth of their distribution. Seller would have an interest in staying on in a management role for a new buyer.

Princeton Indiana is a county seat of Evansville, Indiana. Located approximately 20 Minutes North of Evansville it is a great location for manufacturing and distribution. Princeton was chosen by Toyota Manufacturing largely because of its strong work ethic which has been proven by the continued awards the plant receives for productivity. Toyota has continuously reinvested in the plant and increased production since its opening in 1995. Area is served by highway 41, I-164. and I-69. I-69 when completed will be a direct route from Evansville to Indianapolis. The Evansville Regional Airport is approximately 10 minutes south of the site.

Financial Summary

Major Tenant Information

Debt & Equity Information

  • Actual
  • $2,933,964
  • $2,517,457
  • $1,374,892

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Presented by Sperry Van Ness / Martin Commercial Group
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Steve Martin
Steve Martin

Indiana & Kentucky Investment Sales, M&A Specialist

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License #PB51314915

Asking Price Index Trends for Princeton, IN Industrial For Sale

  Jun 14 vs. 3 mo.
prior
Y-O-Y
-
State
$32.16-0.7%+2.1%
-
Metro
$32.63+5.0%+10.3%

View Princeton Market Trends for other property types for sale or lease. Learn more about the chart info.

Created 10/25/2013
Midwest Flex / Industrial Park
  • Industrial
  • $21,500,000
  • 652,304 SF