DTZ closed two recent sales of single-tenant industrial properties, one in Mason, Ohio, and a second in North Vernon, Ind.
“These transactions are indicative of investors’ interest in single-tenant properties with longer-term leases,” said DTZ vice president Mike Sullivan, in a written statement.
DTZ’s Capital Markets and Industrial Leasing Teams represented owners Cincinnati Fan and Martinrea Industries with both investment sales transactions.
The Cincinnati Fan property, on 17.6 acres, is located at 7697 Snider Road in Mason, northeast of Cincinnati. The 122,898-square-foot industrial manufacturing facility was sold to Robinson & Sons, LLC for $4.7 million. Cincinnati Fan and Ventilator will continue to operate in the property.
Agracel Inc. acquired the industrial manufacturing facility in North Vernon, Ind., from Martinrea Industries. The 140,960-square-foot building on 11.5 acres sold for $3.6 million. Martinrea Industries, a Tier I automotive supplier, will continue to operate in the facility on a long-term lease.
