NAI Hiffman Brokers $12.9 Million Sale of Single-Tenant Net Lease Industrial Building in Toledo, OhioFebruary 19, 2021
NAI Hiffman, the largest independent commercial real estate services firm in the Midwest, today announced its Industrial Capital Markets Team brokered the $12.9 million sale of 1411 Campbell St., a single-tenant net lease industrial building in Toledo, Ohio, that is currently a production and distribution facility for Brenntag Great Lakes, LLC.
NAI Hiffman’s Patrick J. Sullivan, executive vice president, and Ryan Chambers, vice president, along with Terry Coyne, vice chairman of Newmark Knight Frank, represented the seller, Phoenix Toledo Industrial Investors LLC, an affiliate of Milwaukee-based Phoenix Investors. The buyer was Four Springs Capital Trust, based in Lake Como, N.J.
“With industrial at historically low vacancy rates nationally, and limited supply of quality product, this property attracted significant interest from net lease funds, private investors and REITs,” said Sullivan. “The property was recently renovated and had a sizable capital investment from a solid, credit tenant, making it an easy choice for Four Springs, which specializes in single-tenant, income producing, net leased assets.”
Renovated in 2020, 1411 Campbell is a 22-foot clear, 227,028-square-foot building with 14 docks, 1 drive-in, interior rail spur and 10 rail doors, with access to the Norfolk Southern spur. There is parking for 20 cars and 40 tractor-trailers. An adjacent 13.59-acre parcel located at 1313 Campbell St. was also part of the sale and is currently utilized as a paved trailer lot and tank farm.
The property was fully stabilized at the time of sale with almost 15 years of remaining lease term. It is the single largest facility in North America for Brenntag, a chemical and ingredients distributor. Brenntag, which operates three shifts per day at the property, invested significant capital in new equipment for their operation, as well as constructing a tank farm on the adjoining parcel.
“Pat and the NAI Hiffman team did a great job working with us to close this deal,” stated Jared Morgan, head of acquisitions for Four Springs Capital Trust. “Phoenix Toledo Industrial Investors did a tremendous job redeveloping a mission critical asset for Brenntag that we are proud to add to the Four Springs portfolio.”
1411 Campbell offers easy access to Interstates 75 and 475, the Ohio Turnpike and the Port of Toledo, which offers 15 terminals connecting users to global markets through the Great Lakes/St. Lawrence Seaway System. The property is located less than 15 miles from the Toledo Express Airport.
About NAI Hiffman:
NAI Hiffman is the largest independent real estate services firm in the Midwest, providing leasing, property management, tenant representation, capital markets, project management and marketing services for institutional and private owners and occupiers of commercial real estate. It currently leases and manages a 91.3+ million square foot portfolio of more than 700 commercial properties throughout the region, with a primary focus on metropolitan Chicago. With more than 200 employees, NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, with more than 6,700 local market professionals managing more than 380 million square feet of property. NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific. For more information, please visit www.hiffman.com.
About Phoenix Investors:
Phoenix Investors is a national commercial real estate firm based in Milwaukee, Wisc., whose core business is the revitalization of former manufacturing facilities throughout the United States. Phoenix’s affiliate companies hold interests in industrial, retail, office, and single tenant net-leased properties totaling approximately 37 million square feet, spanning 22 states.
About Four Springs Capital Trust:
Four Springs Capital Trust is a private real estate investment trust that owns and operates a diversified portfolio of industrial, medical and necessity retail properties net leased to investment grade and other creditworthy tenants under long-term leases.