Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant industrial building leased to Dieomatic Incorporated, a subsidiary of Magna International, which is a leading tier one global automotive supplier. The 194,267-square-foot manufacturing building is located at 403 South 8th Street in Montezuma, Iowa. Rob Gemerchak, SIOR/CCIM of Northmarq, represented the seller, a New York-based private investment firm. The buyer, an individual investor based in Des Moines, Iowa, acquired the asset for $8.3 million.
“We received strong interest from investors who recognized the mission-critical nature of the facility as well as the intrinsic value the full-scale manufacturing capabilities provided to the real estate,” said Gemerchak, Director in Northmarq’s Toledo, Ohio office. “Industrial manufacturing facilities with interstate access and a proximate employment base remain a very attractive segment within the net lease marketplace as vacancies are low, demand is strong and lease rates continue to increase for these production-capable facilities.”
The well-maintained building sits on 14.9 acres and features ceiling heights to 50 feet, 40-ton cranes, heavy power capacity, multiple truck docks and high-quality offices. The tenant is a major employer within Montezuma, situated on the Interstate 80 corridor between Iowa City and Des Moines. The lease features a triple net expense structure and a long-term tenant commitment.