ARCOLA, IL – [October 7, 2022] – Blue West Capital has completed the sale of a single tenant MasterBrand Cabinets industrial warehouse property located at 891 Bob King Drive in Arcola, IL for $2,400,000. Zach Wright and Robert Edwards, of Blue West Capital, represented the seller in the transaction. The seller was a Midwest-based private equity real estate company and the purchaser was a local 1031 exchange investor.
The 75,000 square foot MasterBrand Cabinets warehouse is strategically located along Interstate 57. The warehouse serves as a mission critical facility for MasterBrand Cabinets as they store raw materials at the property prior to being assembled at a large manufacturing plant twelve miles west in Arthur, IL. The property is centrally located with approximately 20% of the U.S. population living within 350 miles.
MasterBrand Cabinets recently exercised an early lease extension demonstrating their commitment to the location. The lease features below market rent of $2.50/SF and limited landlord responsibilities. MasterBrand Cabinets is the industry-leading premier kitchen and bath cabinet producer in North America. MasterBrand Cabinets is a wholly owned subsidiary of Fortune Brands Home & Security. Fortune Brands Home & Security is a publicly traded company (NYSE: FBHS) with a $7 billion market capitalization and is investment grade rated (S&P: BBB-).
“Despite the tertiary location, we received numerous offers from investors nationally. Many investors were interested due to the attractive economics and mission-critical nature of the property,” stated Zach Wright, Director & Partner.
“Single tenant industrial properties continue to garner significant interest from net lease investors. Properties leased to investment grade rated companies, or subsidiaries of them, are rare and at the forefront of demand,” added Robert Edwards, Managing Partner.
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