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Single-Tenant Office

5777 Frantz Road

5777 Frantz Rd, Dublin, OH 43017

Listing Price: $9,049,000

Cap Rate
8.50%
Gross SF
82,000
Rentable SF
82,000
Price/Gross SF
$110.35
Lot Size
10.31 acres
Year Built
1980

Investment Overview

Marcus and Millichap is pleased to offer the opportunity to acquire a +/- 82,000 SF laboratory located at 5777 Frantz Road in Dublin (Columbus MSA), OH (“Asset” or “Property”). The Asset is 100% leased by DNV GL USA, Inc. (“Tenant” or “DNV” or “Lab”) who has occupied the building since 2005 on a NNN lease and recently signed a three-year lease extension. The Asset is being offered at a well below replacement cost of $110 / SF, totaling $9,049,000. This Asset is DNV’s sole laboratory in the United States and one of eight laboratories globally.

DNV Group is owned by Det Norske Veritas Holding AS, a fully owned subsidiary of Stiftelsen Det Norske Veritas. Stiftelsen Det Norske Veritas is an autonomous, independent foundation and is, through Det Norske Veritas Holding AS, the sole owner of DNV Group. Stiftelsen Det Norske Veritas, has a strong investment grade credit rating of “A” from Scope Ratings (European credit rating agency). DNV was established in 1864 and now serves over 100,000 customers across more than 100 countries with approximately 15,000 global employees. DNV is a leading classification society that provides technical advisory services, testing, and certification to the energy value chain and maritime industry. In 2023, DNV delivered operating revenues of NOK 31,594 million (USD - $2.76 billion) – representing growth of 26.2% compared to 2022. Additionally, DNV’s EBITDA grew from NOK 4,130 million (USD - $362 million) in 2022 to NOK 5,352 million (USD - $469 million) in 2023.


The Asset is two stories, totaling +/- 82,000 SF, and has been institutionally owned and maintained since 2005. DNV maintains a highly skilled and experienced staff of materials scientists, engineers and NACE-certified technicians - backed by one of the premier materials testing laboratories in North America. Facilities include 84 load test frames in corresponding laboratory states with a wide range and volume of electrochemical and mechanical instrumentation, autoclaves for high pressure and temperature exposure, flow testing facilities, safety systems, microscopy, and analytical measurement capabilities. The lab space is a unique feature to this property and would be extremely expensive to replicate elsewhere.

Investment Highlights

  • The Tenant has occupied the builidng since 2005 and recently executed a 3-year extension.
  • The lab space is a unique feature to this property and would be extremely expensive to replicate elsewhere.
  • One of the premier materials laboratory testing facilities in North America for corrosion testing. In 2021, DNV installed 25 dedicated hydrogen testing and research load test frames.

Exclusively Listed By

  • Peter Bauman

    Senior Managing Director Investments

    (602) 687-6685

    Email Peter

    License(s): AZ: SA647389000, NV: S.0186153

    Phoenix

  • Tivon Moffitt

    Senior Managing Director Investments

    (602) 687-6688

    Email Tivon

    License(s): AZ: BR639369000, NV: S.0186027, UT: 11178542-AB00

    Phoenix

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (614) 360-9800

    License(s) OH: BRK.2007005898

    Ohio

Single-Tenant Office

5777 Frantz Road

Listing Price: $9,049,000

Cap Rate
8.50%
Gross SF
82,000
Rentable SF
82,000
Price/Gross SF
$110.35
Lot Size
10.31 acres
Year Built
1980

Investment Highlights

  • The Tenant has occupied the builidng since 2005 and recently executed a 3-year extension.
  • The lab space is a unique feature to this property and would be extremely expensive to replicate elsewhere.
  • One of the premier materials laboratory testing facilities in North America for corrosion testing. In 2021, DNV installed 25 dedicated hydrogen testing and research load test frames.

Investment Overview

Marcus and Millichap is pleased to offer the opportunity to acquire a +/- 82,000 SF laboratory located at 5777 Frantz Road in Dublin (Columbus MSA), OH (“Asset” or “Property”). The Asset is 100% leased by DNV GL USA, Inc. (“Tenant” or “DNV” or “Lab”) who has occupied the building since 2005 on a NNN lease and recently signed a three-year lease extension. The Asset is being offered at a well below replacement cost of $110 / SF, totaling $9,049,000. This Asset is DNV’s sole laboratory in the United States and one of eight laboratories globally. DNV Group is owned by Det Norske Veritas Holding AS, a fully owned subsidiary of Stiftelsen Det Norske Veritas. Stiftelsen Det Norske Veritas is an autonomous, independent foundation and is, through Det Norske Veritas Holding AS, the sole owner of DNV Group. Stiftelsen Det Norske Veritas, has a strong investment grade credit rating of “A” from Scope Ratings (European credit rating agency). DNV was established in 1864 and now serves over 100,000 customers across more than 100 countries with approximately 15,000 global employees. DNV is a leading classification society that provides technical advisory services, testing, and certification to the energy value chain and maritime industry. In 2023, DNV delivered operating revenues of NOK 31,594 million (USD - $2.76 billion) – representing growth of 26.2% compared to 2022. Additionally, DNV’s EBITDA grew from NOK 4,130 million (USD - $362 million) in 2022 to NOK 5,352 million (USD - $469 million) in 2023. The Asset is two stories, totaling +/- 82,000 SF, and has been institutionally owned and maintained since 2005. DNV maintains a highly skilled and experienced staff of materials scientists, engineers and NACE-certified technicians - backed by one of the premier materials testing laboratories in North America. Facilities include 84 load test frames in corresponding laboratory states with a wide range and volume of electrochemical and mechanical instrumentation, autoclaves for high pressure and temperature exposure, flow testing facilities, safety systems, microscopy, and analytical measurement capabilities. The lab space is a unique feature to this property and would be extremely expensive to replicate elsewhere.

Exclusively Listed By

  • Peter Bauman

    Senior Managing Director Investments

    (602) 687-6685

    Email Peter

    License(s): AZ: SA647389000, NV: S.0186153

    Phoenix

  • Tivon Moffitt

    Senior Managing Director Investments

    (602) 687-6688

    Email Tivon

    License(s): AZ: BR639369000, NV: S.0186027, UT: 11178542-AB00

    Phoenix

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (614) 360-9800

    License(s): OH: BRK.2007005898

    Ohio

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