The tenant, Fortuna, which supplies fruit preparations nationwide, holds a 15-year absolute net lease at a current rental rate of $5.75 per sf, providing the owner with $954,500 in annual net income. After the first five years, the rental rate is scheduled to increase by a little more than 3.7% every 30 months until expiration in 2019.
The property includes 11,500 sf of office/lab space, a 19,000-sf R&D facility and refrigeration equipment. The main portion of the facility was built in 1965 and expanded in 1979. The R&D facility was added between 2002 and 2003. The building has 16 dock doors and capacity for eight rail cars.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
