Investment Overview

The subject property is 94% leased to five industrial tenants, with Tenneco as the primary tenant since 2007. Currently, Tenneco, formerly Federal Mogul, occupies nearly 60% of the total rentable square feet and generates 64% of the gross rental income. Tenneco (previously traded on the NYSE as TEN) is one of the world’s leading designers, manufacturers, and marketers of automotive products for original equipment and aftermarket customers, with full-year 2021 revenues of $18 billion and approximately 71,000 team members working at more than 260 sites worldwide. Apollo (NYSE: APO), a global alternative asset manager with $523 billion in AUM, acquired Tenneco in November 2022.