12850 & 13000 Darice Parkway Strongsville, OH
Completed Deal - Sold· 554,037 Sq. Ft.
100% OCCUPIED INDUSTRIAL ASSET
Single tenant, two building asset, on an absolute net lease with term through June 30, 2037.
TENANT STABILITY AND GUARANTY
Lamrite West, Inc. (dba Darice & Pat Catan’s) has a guaranty from the parent company, The Michaels Companies (NASDAQ: MIK), throughout the term, including any and all renewals.
LOW VACANCY RATES | GOOD SUBMARKET
At end of 1st Quarter 2017, the Northeast Ohio market hit its lowest vacancy rate of 6.5% since NGKF began its current methodology of tracking industrial statistics. Vacancy has been declining since 2011. The Southwest submarket boasts an overall vacancy rate of 3.0%, while the post-2000 construction hovers around 1.0%.
MODERN DISTRIBUTION FACILITIES
Darice Company was a recipient of the 2014 Smart Business Evolution of Manufacturing Award. Their distribution center boasts a 99.7% accuracy rate and ships most customer orders within 48 hours with a 300,000 square foot modern pick module. 13000 Darice houses the headquarters and data center for the company.
MISSION CRITICAL DISTRIBUTION CAMPUS
Tenant has plans to expand the two buildings by 260,000+ square feet, which would result in an immediate and substantial reduction of the purchaser’s cost basis by more than 30%.
This property is no longer available.
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