Newly renovated 32,004 SF flex building available for sale!

Office for Sale
Also listed as Industrial
Catylist Listing ID: 30762350
Property Subtypes: Flex Space, Office Building
Building Size (RSF): 32,004 SF
Gross Building Area: See Agent
Gross Land Area: 2.58 Acres
Sale Price: $4,500,000
Unit Price: $140.61 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Pratt & Whitney Component Solutions
Class of Space: Class A
Sale Terms: Cash to Seller
Last Updated: 10/26/2021

Overview / Comments

Newly renovated 32,004 SF single-tenant flex building available for sale. This investment offers a 7.99% blended cap rate over the remaining 8 year term. This property serves as the headquarters for Pratt and Whitney Component Solutions Division which is a critical leg of Pratt and Whitney, a subsidiary of the publicly traded aerospace and defense conglomerate, Raytheon Technologies Corp. (RTX). The Tenant has been in this location for over 20 years and underwent a massive renovation to double their office capacity in this location in 2020. Pratt and Whitney has an early termination right which can be exercised on 1/31/2027 providing the Landlord with 90 days notice and a fee paid to the Landlord in the amount of $373,223. Tenant has had an early termination option which has not been exercised for several lease terms dating back to 2003. The details of the note breakdown for this endeavor are located inside this listing package. The lease features generous 2.5% annual increases in the remaining base term and both five-year renewal options. Priced below replacement cost, this first class building is a great addition to any investment portfolio.

Additional Details

Nearest MSA: Muskegon
County: Muskegon
Taxing Authority: City of Norton Shores
Tax ID/APN: 27-648-000-0003-00
Zoning: SUD

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,004 37,724 95,054
Median Age: 45.48 39.87 38.26
Households: 1,257 15,440 36,400
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