Net Leased School Specialty Inc Sale Arranged Date October 27, 2020
The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant School Specialty, Inc. location at 100 Paragon Parkway in Mansfield, Ohio for $10,500,000.
The 314,736-square-foot net leased School Specialty facility is located in an industrial corridor off North Main Street (12,000 VPD) which connects to Martin Luther King Jr Freeway (40,000+ VPD), which is a primary thoroughfare. The property features 49,500 square feet of office space with the ability to expand the building to over 1 million square feet. The warehouse is equipped with a narrow isle racking system with an in-ground, wire-guided forklift system for maximum use efficiency. Tenants in the industrial park include FedEx, Coca-Cola, Frito-Lay, and Ohio Army and National Guard.
There are more than 78,927 people living within 7 miles with an average household income in excess of $58,314 annually.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The seller was a private individual who was advised by its long-time asset manager, Mesirow Realty Sale-Leaseback, Inc. and the buyer was a REIT based in the Northeast.
The current School Specialty, Inc. lease expires on October 31, 2025 and is absolute-NNN with no landlord responsibilities. School Specialty is a leading distributor of supplies, furniture, technology products, supplemental learning products, and curriculum solutions to the education marketplace.
“Industrial properties with NNN leases with proven track records continue to be popular amongst investors” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “This property offered the buyer a “best-of-both-worlds” scenario: long operating history of tenant and a low rent compared to the market.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Mesirow is an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago with offices around the world, we serve clients through a personal, custom approach to reaching financial goals and acting as a force for social good. With capabilities spanning Global Investment Management, Capital Markets & Investment Banking, and Advisory Services, we invest in what matters: our clients, our communities and our workplace culture. To learn more, visit mesirowfinancial.com and follow us on LinkedIn.Back