Robert Poirier, associate vice president in Northmarq’s Atlanta office, arranged the $9.5 million sale leaseback of a single-tenant industrial property fully leased to Mount Vernon Mills, Inc. The 270, 252 sq. ft. facility is located at 235 River Road in Rockingham, North Carolina. Northmarq represented both the buyer and seller. The buyer was an institutional investor based in Arizona.
“Despite the current market, we were able to create a tremendous amount of interest from a very diverse group of investors, ultimately receiving 18 LOIs during the marketing process,” said Poirier. “At the end of the day, surety of close, and the strong reputation of the investor is what won the deal.
Built in 1973, the property is situated on 27.74 acres and serves as a mission-critical facility for Mount Vernon Mills, the country’s largest apparel fabric manufacturer. Mount Vernon Mills’ Rockingham location produces open-end spun yarn and woven greige goods for the company’s flame-resistant products. Offering ample room for expansion, the industrial facility is strategically located right off US Route 220 and less than two miles from US Route 1 and Interstate 74. The tenant operates on a corporate guaranteed absolute triple net lease.