Stan Johnson Company completed the sale of a single-tenant industrial building leased to Dieomatic Incorporated, a subsidiary of automotive supplier Magna International, in Montezuma, Iowa.
The 194,267-square-foot manufacturing building is located at 403 S. 8th St. in Montezuma.
Rob Gemerchak of Stan Johnson Company represented the seller, a New York-based private investment firm. The buyer, an individual investor based in Des Moines, Iowa, acquired the asset for $8.3 million.
The well-maintained building sits on 14.9 acres and features ceiling heights to 50 feet, 40-ton cranes, heavy power capacity, multiple truck docks and high-quality offices. The tenant is a major employer within Montezuma, situated on the Interstate 80 corridor between Iowa City and Des Moines. The lease features a triple net expense structure and a long-term tenant commitment.
