237,155 SF Hanon Systems Net Leased Manufacturing Facility in Carey, OH
Double-Net Lease with 8 Years Remaining
Original 10-Year Lease Early-Extended and Premises Expanded to More Than Double the Original RBA in 2018
2% Annual Rent Increases Provide Real NOI Growth Over Term & Inflation Hedge
Modern, High-Quality Construction: 107,000 SF Original Structure Delivered in 2016 & 135,000 SF Addition Completed in 2018
Minimal Deferred Maintenance & Low Landlord Capital Expenditures: Only $42K in Landlord-Responsible Maintenance & Repairs Required Since 2017 (<$10K Per Year)
34.55 Total Acres Included in Sale with Ability to Build an Additional 100,000 – 300,000 SF to Accommodate Tenant Needs and Ensure they Continue to Operate at the Site for Years to Come
Sticky Real Estate: Substantial Landlord Construction Cost & Tenant Investment into FF&E, Tenant Has 10-Year Real Estate Tax Incentive from City of Carey
Only 18,476 SF (8%) Allocated as Office Space – 92% of RBA is Production & Warehousing
Hanon Systems Manufactures Automotive HVAC & Cooling Systems Including Heat Exchangers, Compressors, Water Pumps, Transmission Oil Pumps & Battery Chillers – Ideally Poised to Take Advantage of Electronic Vehicle (EV) Proliferation with Substantial Existing Market Share
Publicly-Traded Tenant: $8 Billion Market Cap Global Automotive Supplier, In Business Since 1986 with Global HQ in Daejon, South Korea; Traded on the Korean Stock Exchange
Hanon Systems Products are Used by Numerous Traditional Automotive Manufacturers as well as in EV’s from Audi, Mercedes, Porsche, Volkswagen, Ford, Hyundai, Jeep, Rivian, Fiat, Lucid Motors, Skoda & More
1 of Only 2 Hanon Systems Manufacturing Plants in the U.S.; Hanon Operates 51 Manufacturing and 3 Innovation Centers across 21 Countries
Supportive Local Workforce Base with 6,233 Residents within 5-Mi & 18,567 Residents within 10-Mi
Located in Northwestern Ohio – Logistically Superior State within a One-Day Drive to 60% of the U.S. Population Including the Entire East Coast; Within Mere Hours to Numerous Domestic and Foreign Automotive Manufacturers Plants Throughout OH, KY, MI, IN, and More
Within 20 Minutes to One Hour of Three Major Interstates – I-80/I-90 (Major East-West), I-71 (Major North-South), and I-75
Carey, OH – Rural Ohio City with Substantial Industrial Operations in the Area Including Vaughn Industries, Continental Structural Plastics, Kasai, National Lime & Stone Company, The Shelly Company, Transglobal Door, and More