Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant industrial building leased to Collins Aerospace, a leader in technologically advanced and intelligent solutions for the global aerospace and defense industry. The 90,499-square-foot manufacturing building is located at 2599 Empire Drive in Winston-Salem, North Carolina. Jonathan Ameen of Northmarq represented the buyer, a New York-based individual investor who acquired the asset for $11.4 million. Maggie Holmes of Northmarq represented the seller, a REIT based in Dallas, Texas.
“This represents a generational asset for my client and an attractive disposition for the seller in the midst of interest rate headwinds,” said Ameen, Director in Northmarq’s Tulsa, Oklahoma headquarters. “Yet another reminder that the market for critical industrial assets is still very strong.”
The well-maintained facility sits on 5.5 acres and features concrete tilt-up construction, 13 loading docks and high ceilings ranging from 28 to 34 feet. Collins Aerospace has operated the facility for fourteen years and has invested nearly $2.0 million for upgrades and renovations to its assembly and distribution lines. The lease is fully guaranteed by the tenant’s parent company, Raytheon Technologies, a top three global defense contractor with 2021 annual revenues of $64.6 billion.