Cold Storage, Flex Space, Food Processing, Free-Standing, Industrial-Business Park, Manufacturing, Mixed Use, Light Industrial, Office Showroom, Research & Development, Self Storage, Truck Terminal, Warehouse/Distribution, General
Building Size (RSF):
63,967 SF
Gross Land Area:
8 Acres
Sale Price:
$5,250,000
Unit Price:
$82.07 PSF
Ceiling:
18 ft.
Docks/Doors:
4 Docks, 4 Doors
Office SF:
9,000 SF
Drive In Bays:
2 Bays
Property Use Type:
Investment
Building Name:
Edelman Leather Company
Sale Terms:
Cash to Seller, Other
Cap Rate:
10.0%
Last Updated:
9/15/2020
Overview / Comments
INVESTMENT SALE at $5,250,000 - 7.40% Cap Rate - 9 to12% Cash on Cash over 5 Yrs. This 63,967 s.f. industrial building built in 1956 on 8 acres. Edelman Leather Company (a subsidiary of Knoll, Inc.) is the anchor Tenant for 15 years and has 4.5 years remaining on its latest lease extension. There are also approximately 7,100 s.f. currently available for lease at $5.95 s.f. NNN. Possible lease expansion to 25,000 s.f. The available space has 16’ ceiling and two bathrooms. The 2020 Per Forma estimates the NOI at $373,181.
The property has 700' of frontage and 500’ deep on Pickett District Road and located adjacent to Kimberly Clark. The building footprint is 61,156 with a 2800 s.f. cafeteria mezzanine. The roof age is estimated at 12 years. Ceiling height in warehouse areas estimated at 18'. The building is sprinklered, has HVAC in most areas, and has public water, septic, and gas.
The property is ideally located on Pickett District Road with great access to a 4 lane highway (Route 7). The property is zoned RI (Restricted Industrial) in central New Milford. Possible 40,000 s.f. expansion possible on site. There is excellent on-site paved parking for fleet vehicles, trucks, and employee cars. It has 4 loading docks and two drive in-doors. There is also a tractor-trailer handling area with easy access to 4 docks and two drive-in doors. Heat is provided with gas, electric is sub-metered, city water, septic, 277/480 volts, and full sprinklers.
Call Mike Struna or Chris Cosio for an appointment and tour the building today…… 203-798-9345
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