Investment Overview

Marcus & Millichap is please to exclusively list this US Army Reserve Area Maintenance Site for sale. Tenant has occupied this location since 1987 and recently agreed to a new lease renewal. The renewal included a 12% base rent increase as well as the tenant taking over payments for gas and electricity. The base rent increase and added utility expenses increased the tenant occupancy cost by roughly 29%, demonstrating a strong desire to remain in this location. Subject property is used as an area vehicle and equipment maintenance site for the US Army Reserves. There is a continual flow of vehicles and equipment that are repaired and maintained at this site, which is a service that is critical to the support that the Reserves provide to the United States Military. Property is located in a strong industrial area that is adjacent to the airport & includes tenants such Pepsi Bottling, YRC Freight, Allied Products, Veritas Steel, MEIGS Asphalt & Wausau Supply In addition, prior to signing the lease extension, as they are required to do, the tenant put out notice of intent to lease for only the minimum time period. They reportedly did not look at or negotiate on any other spaces prior to signing the new lease. Upcoming work to be done to the property includes repaving a 40' x 60' area of asphalt for employee parking in front of the building. In addition, the interior is being refreshed with new paint on the walls of the shop space, offices, breakrooms and restrooms. Stained or broken ceiling tiles in offices and common areas will be replaced. Tenant has occupied the site since 1986 under annual lease renewals with termination options commonly seen in government leases. Inquire with broker for details. The lease is modified gross with several items that the landlord manages for the tenant similar to a multi-tenant property. Management fees are factored into the NOI.