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Office Warehouse

Crane Technology Park

14359 E Schonberger Dr, Odon, IN 47562

Listing Price: $4,400,000

Cap Rate
10.03%
Gross SF
47,466
Price/Gross SF
$92.70
Lot Size
5.46 acres
Year Built
2011
Rentable SF
47,466

Investment Overview

Crane Tech Park is a two-building portfolio consisting of multi-tenant industrial, flex, and warehouse properties situated just outside the west entrance into Naval Surface Warfare Center, Crane Division (or Crane Naval Base as most call it) in southwestern Indiana. The primary use of these properties are research and development, and they contain office, lab, light manufacturing, and industrial spaces that are 100 percent occupied by regional national tenants contracted by Crane Naval Base. The portfolio is located in southwestern Indiana approximately 20 miles south of Bloomington, Indiana along the currently expanding Interstate 69. Crane Naval Base is the third largest naval installment in the world encompassing over 108 square miles and spanning three counties, is the only Naval base not on a coast, employs over 3,200 Indiana residents on base which makes it one of the 20 top employers in the State, and procured $922,000,000 in products during the most recent fiscal year as of February of 2018.

The investment offering is a combined 47,466 square-feet and features a mix of regional and national tenants, most of which are credit-rated and incredibly strong. All of the tenants in the Subject Properties are Department of Defense contractors who bid on contracts generated by Crane Naval Base, which among many notable facts is the world leader in night vision technology, electro optics and sensory devices as well as a foremost leader in battery technology innovation as emphasized by the brand new 26,000-square foot Battery Innovation Center (BIC) recently built in the park for $14,000,000 by a joint-venture of private and public entities.

The opportunity for the investor is to acquire two stabilized assets developed in 2011 within an expanding research and development park that is experiencing substantial expansion funded by private, state, and federal dollars. Recently, the expansion of Interstate 69 from Crane to Evansville was due to the importance of getting direct highway access to Crane Naval Base. Also, the Lily Foundation has given a grant of $42 million to southern Indiana for economic development with $12-$15 million anticipated to Westgate. Other new developments including the convention center and various facilities for hospitality, retail and healthcare all attribute to the growth of the Westgate Technology Park. The Crane Tech Park is offered as a stabilized, mission critical facility for the Crane Naval Base, with an asking price of $4.4M, reflecting a 10.03% CAP Rate on actuals and leveraged returns exceeding 20% cash-on-cash returns.

Investment Highlights

  • 47,466 Square-Foot, Two Building Industrial Warehouse, Flex Portfolio | 100% Occupied
  • Built for the 3rd Largest Naval Base in the World | 108 Sq-Miles | 4,000 Employees
  • Naval Base is the Largest Single-Site Employer in Southern Indiana
  • Tenant-Mix Comprised of Naval Defense Companies Contracted with Crane Naval Base
  • Excellent Investment Opportunity with Leveraged 20% Cash-On-Cash Return at List Price

Exclusively Listed By

Office Warehouse

Crane Technology Park

Listing Price: $4,400,000

Cap Rate
10.03%
Gross SF
47,466
Price/Gross SF
$92.70
Lot Size
5.46 acres
Year Built
2011
Rentable SF
47,466

Investment Highlights

  • 47,466 Square-Foot, Two Building Industrial Warehouse, Flex Portfolio | 100% Occupied
  • Built for the 3rd Largest Naval Base in the World | 108 Sq-Miles | 4,000 Employees
  • Naval Base is the Largest Single-Site Employer in Southern Indiana
  • Tenant-Mix Comprised of Naval Defense Companies Contracted with Crane Naval Base
  • Excellent Investment Opportunity with Leveraged 20% Cash-On-Cash Return at List Price

Investment Overview

Crane Tech Park is a two-building portfolio consisting of multi-tenant industrial, flex, and warehouse properties situated just outside the west entrance into Naval Surface Warfare Center, Crane Division (or Crane Naval Base as most call it) in southwestern Indiana. The primary use of these properties are research and development, and they contain office, lab, light manufacturing, and industrial spaces that are 100 percent occupied by regional national tenants contracted by Crane Naval Base. The portfolio is located in southwestern Indiana approximately 20 miles south of Bloomington, Indiana along the currently expanding Interstate 69. Crane Naval Base is the third largest naval installment in the world encompassing over 108 square miles and spanning three counties, is the only Naval base not on a coast, employs over 3,200 Indiana residents on base which makes it one of the 20 top employers in the State, and procured $922,000,000 in products during the most recent fiscal year as of February of 2018.

The investment offering is a combined 47,466 square-feet and features a mix of regional and national tenants, most of which are credit-rated and incredibly strong. All of the tenants in the Subject Properties are Department of Defense contractors who bid on contracts generated by Crane Naval Base, which among many notable facts is the world leader in night vision technology, electro optics and sensory devices as well as a foremost leader in battery technology innovation as emphasized by the brand new 26,000-square foot Battery Innovation Center (BIC) recently built in the park for $14,000,000 by a joint-venture of private and public entities.

The opportunity for the investor is to acquire two stabilized assets developed in 2011 within an expanding research and development park that is experiencing substantial expansion funded by private, state, and federal dollars. Recently, the expansion of Interstate 69 from Crane to Evansville was due to the importance of getting direct highway access to Crane Naval Base. Also, the Lily Foundation has given a grant of $42 million to southern Indiana for economic development with $12-$15 million anticipated to Westgate. Other new developments including the convention center and various facilities for hospitality, retail and healthcare all attribute to the growth of the Westgate Technology Park. The Crane Tech Park is offered as a stabilized, mission critical facility for the Crane Naval Base, with an asking price of $4.4M, reflecting a 10.03% CAP Rate on actuals and leveraged returns exceeding 20% cash-on-cash returns.

Exclusively Listed By

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