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Jones Lang LaSalle America, L.P. (“JLL”) is pleased to offer the fee-simple sale and leaseback of 1171 Grill Road in Van Wert, OH (the “Property”), a 27,200 square foot mission-critical industrial facility for Mid-State Industrial Maintenance (“Mid-State”). At closing, the asset will be 100% absolute triple-net leased to Mid-State for an initial lease term of 20-years with contractual escalations of 2.00% annually.
Mid-State is a leading provider of on-site and in-house maintenance and repair services to a wide variety of end market users. The Company generates a high degree of recurring revenue from predictable jobs due to the non-discretionary demand from its customers. This offering presents the opportunity to acquire a long-term single-tenant industrial investment leased to a fast growing and mission critical tenant with the backing of a premier private equity sponsor and zero landlord responsibilities.
- 20-year lease term with 2.00% annual escalations and no landlord responsibilities
- Leading tenant that benefits from a diverse blue-chip customer base in non-cyclical end markets
- Approximately 80% of the Tenant's revenue is recurring
- Strong site-level metrics with EBITDAR-to-rent exceeding 9.0x
- Experienced private equity sponsor with successful track record of investing in industrial companies
- Mission-critical industrial real estate built in 2009 and significantly expanded in 2015 to serve as the corporate headquarters
- Convenient access to major Midwest metro markets