Map pin1 Security Dr, Nicholasville, KY, 40356-2159, US

Sargent & Greenleaf Industrial Manufacturing HQ - Lexington KY MSA

Sargent & Greenleaf Industrial Manufacturing HQ - Lexington KY MSA_Property for Sale

Attributes

Building area gross
112,400 sf
Occupancy
100%
WAULT
6.1 years
Year built
1975
Land area gross
40.9 acres
Investment strategy
Core Plus
Lease type
Net lease (N/NN/NNN)

Asset Description

Jones Lang LaSalle Americas Inc is pleased to exclusively offer for sale Sargent & Greenleaf Industrial Manufacturing HQ Facility, located at One Security Drive, in Nicholasville, KY (the “Property”). The single-tenant asset is 100% net-leased to Sargent & Greenleaf, Inc. (“Tenant” or “S&G”), a U.S. leading designer and manufacturer of high security locks for safes, vaults, deposit boxes, and highly sensitive secure environments. S&G was founded in 1857 and has operated at the Property since 1975. The Property totals 112,400 SF and serves as the headquarters for the Tenant, which recently executed a 7-year lease extension, confirming its commitment to the facility. There are currently 6.1 years of remaining lease term. The lease also maintains a parent guaranty from Condor Intermediate Holdings (“Guarantor”), the global parent entity.

 

Located just south of downtown Lexington within the Bluegrass region, the area is home to several advanced manufacturers and security companies similar to S&G. The Property is strategically located in Nicholasville just off US Highway 27 in central Kentucky, providing for convenient connectivity throughout the Midwest and Southeast regions for efficient transport. This opportunity offers investors a high-quality, mission-critical headquarters asset with significantly below-market rents, contractual growing cash flow stream and minimal landlord responsibilities.

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Investment Highlights

  • Headquarters & sole manufacturing facility for a long-term committed tenant
  • Recently executed lease extension with the addition of a global corporate parent guaranty to the lease represents the global parent's strong support for the tenant long-term
  • Strong, creditworthy tenant with over 160 years of operating history and excellent site-level EBITDAR coverage at its sole critical facility
  • Significantly below-market rent and oversized land parcel (6% site coverage) represents future value-add opportunity in a strong industrial market
  • Passive NN lease structure with minimal landlord responsibilities and attractive annual 2.50% rental increases
Sargent & Greenleaf Industrial Manufacturing HQ - Lexington KY MSA 4_Property for Sale
Sargent & Greenleaf Industrial Manufacturing HQ - Lexington KY MSA 4_Property for Sale
Sargent & Greenleaf Industrial Manufacturing HQ - Lexington KY MSA (0 Properties)

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Last updated
16 May 2024