Senior Vice President Brad Pepin and Senior Associate Jonathan Thompson in Northmarq’s Tulsa commercial investment sales office arranged the sale of a 387,303 sq. ft. distribution facility in Lumberton, North Carolina. The single-tenant industrial asset is 100% leased to Elkay Plumbing Products Company with a guaranty from parent company Zurn Elkay Water Solutions. Northmarq represented the seller, an Atlanta-based developer. The buyer was an individual investor based in California.
“As we marketed this newly constructed Class A build-to-suit for our seller, we were thrilled by the market response overall,” said Pepin. “This net leased asset boasts of its quality construction, lease, tenant and location – all contributing to finding the right private investor who met our seller’s objectives.”
“The fulfillment of this transaction is another example of how industrial deals are made today. We had a wonderful property, a strong tenant, and market dynamics that allowed our seller to connect with and ultimately transact with a qualified buyer,” added Thompson. “The North Carolina industrial market remains active, with significant activity on both the leasing and investment sides.”
Situated on approximately 49.7 acres, the distribution facility is strategically located at the intersection of Interstate 95 and 74 with ample room for expansion. The new build-to-suit facility is Elkay’s second location in Lumberton and roughly three times larger than their current facility. The Lumberton facility is one of Elkay’s mission-critical locations and will allow the company to optimize distribution through its growing business lines. The tenant operates on a corporate guaranteed long-term double net lease.