Newmark closed the sale-leaseback of Novae Corp.’s nine-property, 754,795-square-foot, 238-acre industrial portfolio spanning five U.S. states.
Newmark advised Novae Corp. in the leaseback structure and sale to an undisclosed buyer for an eight-figure sale price. Newmark Vice Chairman Andrew Sandquist, Executive Managing Directors Daniel Katcher and Adam Petrillo, and Managing Directors JC Asensio and Briggs Goldberg represented the seller in the transaction in cooperation with local licensees.
Founded in 1995, Novae Corp. has become North America’s second-largest manufacturer of utility trailers and the largest exporter of utility-type trailers into Canada, servicing all Canadian provinces. Novae Corp. fully occupies the properties which serve as critical manufacturing facilities for the rapidly growing company–providing large land sites that yield less than 10% site coverage, which allows for product storage and to accommodate future growth. This sale leaseback transaction provided capital liquidity for several initiatives including organic growth opportunities and future acquisitions.
Located in Arizona, Indiana, Pennsylvania, Texas and Utah, the nine properties that comprise the portfolio are subject to a long-term absolute net lease with annual rental escalation. A breakdown of the assets include:
• 1355 Oak Hill Road, Mountain Top, PA
• 4763 Zane A Miller Drive, Waynesboro, PA
• 11550 Harter Drive, Middlebury, IN
• 6 Novae Parkway Campus, Markle, IN
• 19224 County Road 8, Bristol, IN
• 1 Novae Parkway, Markle, IN
• 8329 N El Mirage Road, El Mirage, AZ
• 1350 W 1650 N, Springville, UT
• 1700 BlueBonnet Pky, McGregor, TX
