Marcus & Millichap Real Estate Investment Services recently brokered the sale of a 307,315-square-foot distribution building in North Jackson, Ohio, that is absolute net-leased by the Gerdau Corp., a long steel production company. The sales price of $12.4 million equates to $40 a square foot.
John Godwin, a vice president of investments, along with associates Deno Bistolarides and Ryan Vinco, all in Marcus & Millichap’s Detroit office, represented the seller and the buyer. Michael Glass, vice president and regional manager of Marcus & Millichap’s Cleveland office, was the broker of record in the transaction.
“Long steel serves the civil construction, industrial and agricultural sectors, and is a vital part of the structure of homes, shopping centers, hospitals, bridges and hydroelectric plants,” says Godwin. “The building was constructed in 2001 as a build-to-suit for the tenant and is in great condition. The lease has five years remaining and is guaranteed by Gerdau’s North American subsidiary.”
