Located on Finderne Avenue, the eight-building campus is currently 79% leased by Henkel Corp. and Azko. The former's 169,944-square-foot lease will run for another 15 years, while Azko will continue to lease back its 206,330-square-foot space for the remainder of its 10-to-15-year term.
While there have been no offers on the property to date--since JLL only recently began marketing efforts--Garibaldi tells GlobeSt.com, "because this property offers investment-grade, long-term cash flow, we expect to garner interest from a wide variety of investors who are seeking a maintenance-free, low-risk asset." He adds that this includes core, core-plus and value added buyers. "There's also significant opportunity to create upside in the lease-up of the current vacant space."
The campus has 473,909 square feet of rentable space situated on more than 96 acres. While JLL would not release the asking price, industry experts place it in the $40 million range. The campus has been an owner-occupied facility from its 1942 inception and now serves as an administrative and research center for both AzkoNobel and the Henkel.
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