The industrial warehouse is located at 5920 S. Triangle Dr. It is currently leased to Martin Sprocket & Gear, Inc. Martin Sprockets & Gear has been in leasing at the site for eight years and has two years remaining on its lease, which the broker says is below market. The building is made up of about 3,000 sf of office space with the remaining going to warehouse and a small percentage to manufacturing.
The price per square foot on the deal is estimated to be around $54. The capitalization rate on the deal was 8%. The buyer will not be renovating as the 1982-built site is in good shape.
Jeff Bethel of Lee & Associates represented both the buyer and the seller in the transaction.
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