Rob Gemerchak, investment sales broker in Northmarq’s Toledo, Ohio office, completed the sale of a single-tenant industrial building leased to Sturm, Ruger & Company, Inc., an American firearm manufacturing company based in Southport, Connecticut. The 224,888-square-foot distribution center is located at 700 South Ayersville Road in Mayodan, North Carolina. Gemerchak represented the seller, an investment partnership based in North Carolina. A Hiddendite, North Carolina-based investor acquired the asset for $8.3 million.
“The Mayodan asset received a great deal of national interest and multiple proposals from investors due to the financial strength of the tenant, the quality of the property and the continued growth of the Greensboro and Winston-Salem industrial markets,” said Gemerchak. “Despite the recent disruption in the debt markets, we continue to actively transact and successfully close sales, as the industrial net lease product remains in high demand as a favored asset class among investors.”
The recently upgraded distribution center sits on 16.09 acres and features ceiling heights up to 25 feet, eight dock doors, full fire suppression, heavy power capacity and a modern 8,200-square-foot front office. Located in a thriving industrial market, the property is less than two miles away from the company’s manufacturing plant. Sturm, Ruger & Company has operated this facility for nine years and plans to increase the factory capacity, adding 60 new employees at a cost of $10 million.