Northmarq’s Ohio-based Rob Gemerchak (formerly of Stan Johnson Company), has completed the sale leaseback of three freestanding industrial buildings in Ashley, Indiana and Flat Rock, Michigan. Together, they total 35,000 sq. ft. Gemerchak represented the seller, Royal Arc Welding, a leading industrial and manufacturing company that executed a new, long-term triple net lease at the time of sale. The portfolio was acquired for $4.2 million by a California-based developer.
“This long-term sale leaseback opportunity was an excellent fit for private equity, family offices and 1031 investors who were attracted to the company’s story, market position and the well-maintained properties strategically located in the active and healthy Midwest region,” said Gemerchak. “It was truly a win-win transaction, as the seller achieved a competitive sale price for their real estate which they plan to reinvest in their growing business. Additionally, the buyer received a long-term passive investment with a great tenant and sound real estate fundamentals.”
Founded in 1983, Royal Arc Welding provides a diverse range of industrial services including the design, installation, inspection and repair of overhead crane systems. Each of the properties include office space, craned warehouse and assembly operations and serve major long-term clients within the Detroit, Michigan and Fort Wayne, Indiana market areas.