Map pin765 Webster St, Lewiston, ME, 04240-1600, US

Poly Labs Industrial Sale-Leaseback

Poly Labs Industrial Sale-Leaseback_Property for Sale

Attributes

Cap rate
8%
Asking price
₹522,158,000
Occupancy
100%
WAULT
20 years
Lease type
Absolute Triple Net
Building area net
8,686 m²

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee simple interest in the Poly Labs Sale-Leaseback (the “Offering”), comprised of the company’s manufacturing facility at 765 Webster Street, Lewiston, Maine (the “Property” or “Asset”).


The Property is 93,500 SF of polymer manufacturing and lab space that represents 100% of the tenant’s manufacturing footprint. Polymer Laboratories and Solutions LLC (“Poly Labs” or “Tenant”) designs and manufactures highly engineered polyurethane (“PU”) varieties for products across a range of markets including defense, medical, footwear and impact protection applications.


The Tenant is owned by a successful growth-oriented management company focused on businesses based in Maine or within close proximity. Unlike most private equity firms, the Sponsor has no fund life restrictions and maintains a long-term view towards partnering with and growing its portfolio companies by leveraging its experience and operational expertise to fuel management’s next stage of growth.


The Property is in the Lewiston-Auburn industrial market, a supply constrained market in the south-central part of the state comprised of ±13.9 MSF of existing inventory. Accelerating user-demand in the market has resulted in 27% rent growth over the last three years and vacancy at a tight 2.8%, a trend expected to continue given there is no development currently under construction.


At close of this transaction, the Tenant will commit to a long-term 20-year sale-leaseback with fixed annual 2.50% base rent increases. The Offering provides investors the exceptional opportunity to acquire a mission-critical manufacturing asset supported by a long-term lease, attractive 2.50% annual base rent increases, and zero landlord responsibilities.


...

Investment Highlights

  • Mission-critical facility representing 100% of Tenant’s manufacturing footprint
  • Diversified end-markets served with a focus on serving the Department of Defense with a long-time entrenched relationship
  • Highly advanced design, pouring, and molding manufacturing capabilities with best-in-class machinery
  • Lewiston-Auburn industrial market has experienced 27% rent growth the past three years driven by tight 2.8% vacancy & strong user-demand
  • 2.50% Annual Rent Increases and FMV Reset at Renewals
  • Absolute NNN Lease Zero Landlord Responsibilities


Poly Labs Industrial Sale-Leaseback 4_Property for Sale
Poly Labs Industrial Sale-Leaseback 4_Property for Sale
Poly Labs Industrial Sale-Leaseback (0 Properties)

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Last updated
25 Mar 2024