HIGHLY SECURED LONG TERM NNN LEASE WITH INDUSTRY LEADING TENANT (STRONG FINANCIALS)
* Closure Systems International (CSI) is a global leader in designing and manufacturing innovative closures (bottle caps, etc.) for a wide range of applications in consumer and industrial markets. CSI produces 50 + billion closures annually across its nine (9) manufacturing sites and reported 2023 gross revenues of $615 + million creating a highly secured income stream.
* CSI signed a ten (10) year NNN lease on the property which began August 2021. The lease has ±6.50 years remaining (as of 2/1/25 analysis start date) and one (1) five (5) year option to renew at Fair Market Value with attractive 2.5% annual increases throughout the primary and option terms providing an excellent hedge against inflation.
ATTRACTIVE BASIS – BELOW MARKET RENT - PRICED SIGNIFICANTLY BELOW REPLACEMENT COST
* Priced at $3,068,000 ($70/PSF), the property is projected be ±26% below replacement cost.
* The current rental rate is 31% below market.
“STICKINESS” FACTOR: MISSION CRITICAL POLYCYCLE ® MANUFACTURING / WAREHOUSE FACILITY
* CSI has deep ties to Crawfordsville, IN – the company has had presence in the market for several decades and employees ±310 people across multiple sites in the city.
* CSI specifically identified the subject Crawfordsville property (2326 US Hwy 231) in 2021 as a “mission critical” manufacturing / warehouse facility for their PolyCycle® division. The company has invested approximately $5 million in state-of-the-art manufacturing equipment into the space to date and has further plans for additional improvements / expansion on the site.
SOLID UNDERLYING INDUSTRIAL REAL ESTATE FUNDAMENTALS & TRADE AREA LOCATION
* The property possesses excellent underlying industrial real estate fundamentals - notable site / building features include:
A ±40,000 SF “main building” built in 2006 which includes two (2) dock doors and one (1) drive in door on the west side (US-231 side) of the property.
A detached ±3,848 SF “second building” with an approximately 1,000 SF office space within it.
Potential for outdoor storage, 20 + additional parking spaces, and building expansion.
Highly upgrade power 3000A/480v277v/3-Phase.
24’ 11” clear height.
* Crawfordsville is an attractive home for manufacturing companies due to a business-friendly environment and existing infrastructure. Notable global companies that call Crawfordsville home include Penguin Random House, Nucor, Tempur Sealy, International Paper, CNH Industrial, Luxottica, Linde, Lakeside Book Co, Southwire, Crown Equipment, IDEX, and more.
* The buildings US Hwy 231 location provides quick and convenient access to I-74 and the Indiana interstate network connecting the site to the greater Midwest and beyond.