Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a 276,887-square-foot industrial building that serves as a manufacturing facility for Grupo Antolin, a tier one automotive parts supplier. The heavy manufacturing property, at 18355 Enterprise Avenue in Nashville.
According to a press release, the tenant has occupied the property for 30 years and recently expanded the facility while also making multi-million-dollar investments into the site. The tenant is currently on a long-term lease.
The property was sold by Illinois-based Agracel, Inc., which was represented by Stan Johnson Company’s Mike Sladich and Mollie Alteri. The property sold in mid-January for $15.5 million.
“The mission-critical nature of the property and the heavy tenant investment into its manufacturing site provides comfort to the long-term passive investor with regard to the stability of their future cash flows in a way most traditional industrial facilities cannot,” said Mike Sladich, Director in Stan Johnson Company’s Atlanta office.
The buyer, a private investment group out of Bluffton, South Carolina managed by David Strong and Nick Dzendzel, was represented by Jason Powell and Colin Couch, also of Stan Johnson Company’s Atlanta office.
“While much of the institutional investor focus this cycle has been on core bulk distribution, there is an incredibly robust private investor appetite for manufacturing facilities,” adds Mollie Alteri, Associate Director.
Alteri also said that the reason for the purchase was to keep up with the ongoing demand in the industry.
“The building was recently expanded to accommodate increased demand to serve clients in the automotive industry, and the tenant has every expectation that this demand will continue in the near-term,” she said.