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Net Lease

Laser Applications International

1110 Business Pkwy S, Westminster, MD 21157

Listing Price: $4,250,000

Cap Rate
6.09%
Lot Size
2.87 acres
Year Built
1985
Rentable SF
39,142

Investment Overview

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 1110 Business Parkway South, Westminster, MD 21157. The 39,142 SF property on 2.87 acres is a single-tenant manufacturing facility, NNN-leased for 5 more years to LAI International, with one 5-year option. Founded in 1979, Laser Applications International provides highly-engineered components for the aerospace industry, space technology and medical devices. Long-time partners with Lockheed Martin, NASA, GE and Boeing, LAI is a reliable supplier of advanced waterjet and laser-welded aircraft, aerospace and medical materials. The tenant has occupied the property since its development in 1985. Formerly the owner of the building, in 2005 LAI became a tenant due to corporate restructuring and as new locations opened nationwide. The tenant has invested significantly in the property and, with specialized laser and waterjet cutting equipment in the warehouse, a relocation would be extremely expensive for the tenant. Further, Westminster has strict limits on water usage and this property is permitted for the highest possible level of water usage. In 2019, LAI used 7.2 million gallons of water which would not be permitted at most industrial properties in the area. The Air Business Center is 99% occupied and is the largest industrial park in Carroll County. Westminster is positioned within the Greater Baltimore Region and is a 45-minute drive to the Port of Baltimore. The property is equipped with 4 docks, 1 10’ x 12’ drive-in, 18’ clear heights and 48 car parking spaces. Directly adjacent to the property is the Carroll County Regional Airport, the sixth largest non-military airport in Maryland. Although it does not currently handle commercial jets, the airport is a reliever for Baltimore International Airport (BWI) and there are plans to expand the runway from 5,100’ to 5,500’ to keep up with aircraft demand. This investment offers the opportunity to own a NNN-leased industrial asset with a tenured-tenant that is heavily invested in the site. With 5-years remaining on the lease and healthy 3% rent increases every 2-years, the property offers a stable return in a highly occupied industrial park.

Investment Highlights

  • NNN-Leased Industrial with 5-Years Remaining and One 5-Year Renewal Option
  • Tenant Has Occupied the Site Since 1985 and Are Heavily Invested in Property
  • Located in a Highly Occupied Industrial Park with Rapid Rent Growth
  • Restrictive City Water Permitting Makes Tenant Relocation a Challenge
  • 3% Rent Increases Every Two Years with Renewal Period at Prevailing Market Rate
  • Industrial Park Immediately Adjacent to Carroll County Regional Airport

Exclusively Listed By

  • Bryn Merrey

    Senior Managing Director Investments

    (202) 536-3727

    Email Bryn

    License(s): MD: 646476, DC: PB98372978, FL: BK3079114, VA: 0225215804

    Washington, D.C.

  • Robert Filley

    First Vice President Investments

    (202) 536-3736

    Email Robert

    License(s): DC: sp98366082, MD: 579129, VA: 0225079990

    Washington, D.C.

  • John Faus

    Associate

    (202) 536-3718

    Email John

    License(s): MD: 5002763

    Washington, D.C.

Net Lease

Laser Applications International

Listing Price: $4,250,000

Cap Rate
6.09%
Lot Size
2.87 acres
Year Built
1985
Rentable SF
39,142

Investment Highlights

  • NNN-Leased Industrial with 5-Years Remaining and One 5-Year Renewal Option
  • Tenant Has Occupied the Site Since 1985 and Are Heavily Invested in Property
  • Located in a Highly Occupied Industrial Park with Rapid Rent Growth
  • Restrictive City Water Permitting Makes Tenant Relocation a Challenge
  • 3% Rent Increases Every Two Years with Renewal Period at Prevailing Market Rate
  • Industrial Park Immediately Adjacent to Carroll County Regional Airport

Investment Overview

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 1110 Business Parkway South, Westminster, MD 21157. The 39,142 SF property on 2.87 acres is a single-tenant manufacturing facility, NNN-leased for 5 more years to LAI International, with one 5-year option. Founded in 1979, Laser Applications International provides highly-engineered components for the aerospace industry, space technology and medical devices. Long-time partners with Lockheed Martin, NASA, GE and Boeing, LAI is a reliable supplier of advanced waterjet and laser-welded aircraft, aerospace and medical materials. The tenant has occupied the property since its development in 1985. Formerly the owner of the building, in 2005 LAI became a tenant due to corporate restructuring and as new locations opened nationwide. The tenant has invested significantly in the property and, with specialized laser and waterjet cutting equipment in the warehouse, a relocation would be extremely expensive for the tenant. Further, Westminster has strict limits on water usage and this property is permitted for the highest possible level of water usage. In 2019, LAI used 7.2 million gallons of water which would not be permitted at most industrial properties in the area. The Air Business Center is 99% occupied and is the largest industrial park in Carroll County. Westminster is positioned within the Greater Baltimore Region and is a 45-minute drive to the Port of Baltimore. The property is equipped with 4 docks, 1 10’ x 12’ drive-in, 18’ clear heights and 48 car parking spaces. Directly adjacent to the property is the Carroll County Regional Airport, the sixth largest non-military airport in Maryland. Although it does not currently handle commercial jets, the airport is a reliever for Baltimore International Airport (BWI) and there are plans to expand the runway from 5,100’ to 5,500’ to keep up with aircraft demand. This investment offers the opportunity to own a NNN-leased industrial asset with a tenured-tenant that is heavily invested in the site. With 5-years remaining on the lease and healthy 3% rent increases every 2-years, the property offers a stable return in a highly occupied industrial park.

Exclusively Listed By

  • Bryn Merrey

    Senior Managing Director Investments

    (202) 536-3727

    Email Bryn

    License(s): MD: 646476, DC: PB98372978, FL: BK3079114, VA: 0225215804

    Washington, D.C.

  • Robert Filley

    First Vice President Investments

    (202) 536-3736

    Email Robert

    License(s): DC: sp98366082, MD: 579129, VA: 0225079990

    Washington, D.C.

  • John Faus

    Associate

    (202) 536-3718

    Email John

    License(s): MD: 5002763

    Washington, D.C.

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