Skip to main content

Net Lease

Danfoss Technical Center

1660 Indian Wood Cir, Maumee, OH 43537

Listing Price: $5,975,000

Cap Rate
7.83%
Gross SF
37,064
Price/Gross SF
$161.21
Lot Size
3.00 acres
Year Built
1988
Rentable SF
37,064

Investment Overview

The subject investment is a 37,064 research and development facility occupied by Eaton Corporation, a Fortune 200 company. The property is located in Arrowhead Business Park at 1660 Indian Wood Circle, Maumee, Ohio. Eaton has occupied the premises since 1992 on a triple net lease. The Eaton Technical Center is comprised of 20,000 square feet of high-grade technical lab space and approximately 17,000 square feet of office space. Beginning in 2017, the tenant has made substantial improvements to the property, including replacement of the gas boiler system, installation of a durable composite fascia, LED interior lighting, parking lot replacement and interior remodeling. Landlord responsibilities are limited primarily to roof and structure.

Toledo is the fourth most populous city in Ohio and is the county seat of Lucas County. Toledo is well known for its art community, auto assembly, education, healthcare, and local sports teams. According to the 2010 U.S. Census, the population of Toledo was 287,208. The Toledo Metropolitan Statistical Area (MSA) has a population of 651,429. The metro area is home to four Fortune 500 companies: Dana Corporation, Owens Corning, The Andersons, and Owen Illinois. Major employers within the Toledo MSA include ProMedica Health Systems, The University of Toledo, Mercy Health Partners, St. Charles Mercy Hospital, B.P. Oil refinery, Sunoco Mid-America, Chrysler Holdings, Lucas County, Kroger, Inc., Toledo Public Schools, and the City of Toledo, creating upwards of 42,000 local white-collar jobs. There are 12 higher education institutions that operate campuses in Metro Toledo, including the University of Toledo, University of Toledo Medical Center, Bowling Green State University, and Lourdes University.

Power management company Eaton Corp. announced that it has agreed to sell its Hydraulics business to a Danish company, Danfoss A/S, for $3.3 billion in cash. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close by the end of the year. Eaton said the Hydraulics business had sales of $2.2 billion in 2019 and employs about 11,000 people. The business makes hydraulics components, systems and services for industrial and mobile equipment and "accounted for 86% of Eaton's Hydraulics segment revenue in 2019," according to the release. Danfoss has about 28,000 employees at present. Its 2019 sales were about $7 billion. Danfoss engineers advanced technologies provide for energy-efficient infrastructure, connected systems and integrated renewable energy. Their solutions are used in such areas as refrigeration, air conditioning, heating, motor control and mobile machinery. Danfoss innovative engineering dates back to 1933 and today, Danfoss holds market-leading positions, employing 28,000 people and serving customers in more than 100 countries. They are privately held by the founding family.

Investment Highlights

  • Triple-Net Lease But For Roof & Structure
  • 29 Year Operating History At This Location
  • Fortune 200 Company with "BBB+" Standard & Poor's Rating
  • Substantial Tenant Improvements From 2017-2020
  • Eaton Hydraulics - 2019 Sales - $2.2 Billion & 11,000 Employees
  • Includes 20,000 Square Feet of High-Grade Technical Lab

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Listing Price: $5,975,000

Cap Rate
7.83%
Gross SF
37,064
Price/Gross SF
$161.21
Lot Size
3.00 acres
Year Built
1988
Rentable SF
37,064

Investment Highlights

  • Triple-Net Lease But For Roof & Structure
  • 29 Year Operating History At This Location
  • Fortune 200 Company with "BBB+" Standard & Poor's Rating
  • Substantial Tenant Improvements From 2017-2020
  • Eaton Hydraulics - 2019 Sales - $2.2 Billion & 11,000 Employees
  • Includes 20,000 Square Feet of High-Grade Technical Lab

Investment Overview

The subject investment is a 37,064 research and development facility occupied by Eaton Corporation, a Fortune 200 company. The property is located in Arrowhead Business Park at 1660 Indian Wood Circle, Maumee, Ohio. Eaton has occupied the premises since 1992 on a triple net lease. The Eaton Technical Center is comprised of 20,000 square feet of high-grade technical lab space and approximately 17,000 square feet of office space. Beginning in 2017, the tenant has made substantial improvements to the property, including replacement of the gas boiler system, installation of a durable composite fascia, LED interior lighting, parking lot replacement and interior remodeling. Landlord responsibilities are limited primarily to roof and structure.

Toledo is the fourth most populous city in Ohio and is the county seat of Lucas County. Toledo is well known for its art community, auto assembly, education, healthcare, and local sports teams. According to the 2010 U.S. Census, the population of Toledo was 287,208. The Toledo Metropolitan Statistical Area (MSA) has a population of 651,429. The metro area is home to four Fortune 500 companies: Dana Corporation, Owens Corning, The Andersons, and Owen Illinois. Major employers within the Toledo MSA include ProMedica Health Systems, The University of Toledo, Mercy Health Partners, St. Charles Mercy Hospital, B.P. Oil refinery, Sunoco Mid-America, Chrysler Holdings, Lucas County, Kroger, Inc., Toledo Public Schools, and the City of Toledo, creating upwards of 42,000 local white-collar jobs. There are 12 higher education institutions that operate campuses in Metro Toledo, including the University of Toledo, University of Toledo Medical Center, Bowling Green State University, and Lourdes University.

Power management company Eaton Corp. announced that it has agreed to sell its Hydraulics business to a Danish company, Danfoss A/S, for $3.3 billion in cash. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close by the end of the year. Eaton said the Hydraulics business had sales of $2.2 billion in 2019 and employs about 11,000 people. The business makes hydraulics components, systems and services for industrial and mobile equipment and "accounted for 86% of Eaton's Hydraulics segment revenue in 2019," according to the release. Danfoss has about 28,000 employees at present. Its 2019 sales were about $7 billion. Danfoss engineers advanced technologies provide for energy-efficient infrastructure, connected systems and integrated renewable energy. Their solutions are used in such areas as refrigeration, air conditioning, heating, motor control and mobile machinery. Danfoss innovative engineering dates back to 1933 and today, Danfoss holds market-leading positions, employing 28,000 people and serving customers in more than 100 countries. They are privately held by the founding family.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

MM Texture Background
MM Textured Background Lower