GENEVA, OH—November 9, 2015—Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed on a rare investment opportunity for an R&D manufacturing facility in Geneva, Ohio. The property is divided into two buildings, totaling approximately 239,454 square feet and was renovated in 2006 and 2008.
At the time of the purchase,10 years remained on the 15 year triple-net lease with Hunter Defense Technologies (HDT Global, Inc.). HDT Global, Inc. is the manufacturer and trusted supplier of state-of-the-art, durable products made for mobile expeditionary missions in extreme environments, working with all branches of the military and as the world’s leading supplier in the commercial market. HDT delivers innovative solutions to military, government, industrial, and commercial market customers around the world.
Ryan Barr and Ryan Bennett, principals of Lee & Associates – North San Diego County and founders of Barr & Bennett Net Leased Investment Group along with Joseph Greenberg, Principal of Lee & Associates Cleveland –represented the sellers, Chadbourne Industries and Austieboy, LLC. The buyer, Triple Net Acquisitions, LLC, was represented by Brian Garbutt, senior vice president, of Lee & Associates – Irvine. Triple Net Acquisitions, LLC purchased the single tenant NNN property for $14,388,000 with plans for a long term hold on the investment.
“Single tenant industrial properties like this one offer a better return and are highly desirable by investors chasing yield in today’s market. This, combined with the tenant’s solid financial strength, provided a prime investment opportunity for a buyer,” explained Bennett. “After realizing five years of income, the seller’s chose to sell the property at its highest value, with 10 years left on the lease term.”