Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant industrial property in Findlay, Ohio. The 402,604-square-foot distribution warehouse is fully leased to American Plastics and is located at 14801 County Road 212. Rob Gemerchak, SIOR/CCIM and Jeff Hughes, SIOR of Stan Johnson Company represented the seller, Nickolas LLC, a locally based developer. The buyer, Plymouth Industrial REIT Inc., was an institutional investor from Boston, Massachusetts, and they purchased the asset for $16.8 million.
“American Plastics is a leading designer, manufacturer, and distributor of innovative plastic-injection molded products, and they maintain a footprint of 15 state-of-the-art manufacturing and distribution facilities across North America,” said Gemerchak, Director in Stan Johnson Company’s Toledo, Ohio office. “The Findlay facility, located here in Northwest Ohio, is in a strong industrial market that boasts an impressive vacancy rate of only 1.0 percent.”
The property was originally built in 1998. It sits on 24 acres and has a 28-foot clear height, along with 44 dock doors and a fenced truck court. The asset is located in close proximity to Interstate 75 and is within a day’s drive of a large portion of the U.S. population. At the time of sale, there were approximately nine years left on the triple net lease.