Stan Johnson Company has completed the sale of a single-tenant industrial property in Findlay, Ohio. The 402,604-square-foot distribution warehouse is fully leased to American Plastics and is located at 14801 County Road 212.
Rob Gemerchak and Jeff Hughes of Stan Johnson Company represented the seller, Nickolas LLC, a locally based developer. The buyer, Plymouth Industrial REIT Inc., was an institutional investor from Boston, Massachusetts, and purchased the asset for $16.8 million.
The property was originally built in 1998. It sits on 24 acres and has a 28-foot clear height, along with 44 dock doors and a fenced truck court. The asset is located in close proximity to Interstate 75 and is within a day’s drive of a large portion of the U.S. population. At the time of sale, there were approximately nine years left on the triple net lease.