Newly renovated 32,004 SF flex building available for sale!
Also listed as Industrial
|Catylist Listing ID:
Flex Space, Office Building
|Building Size (RSF):
|Gross Building Area:
|Gross Land Area:
|Property Use Type:
||Net Leased Investment (NNN), Investment
||Pratt & Whitney Component Solutions
|Class of Space:
||Cash to Seller
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.
||City of Norton Shores
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