Northmarq arranges $5M in acquisition financing for sale-leaseback of industrial property in Canton, OH

CANTON, Ohio (Nov. 7, 2024) — Northmarq’s Las Vegas Debt + Equity team, led by Michael Wyne, successfully arranged $5 million in acquisition financing for the sale-leaseback of an industrial manufacturing property in Canton, Ohio.

Northmarq arranged financing on behalf of the borrower through a correspondent life insurance company. The debt was structured with a 10-year, non-recourse loan that also included a flexible step-down prepayment penalty.

“In a complex sale-leaseback transaction that included a number of moving pieces, we were able to secure attractive, fixed-rate debt for our borrower amidst a volatile capital markets environment,” said Wyne. "Industrial real estate with long-term tenants continues to be in high demand for both owners and capital providers alike, which resulted in a competitive bidding process for this financing opportunity."

The property, located at 2422 Leo Ave. SW in Canton, is comprised of 4 buildings totaling 104,450 sq. ft. and sits on a 9.95-acre lot. The property is 100% leased to a leading automotive systems and components manufacturer on a 15-year absolute triple net lease agreement that was signed at closing. The campus is strategically located with quick access to Interstate 77 and U.S. Highway 62, 25 miles south of Akron, 60 miles south of Cleveland, and 100 miles northwest of Pittsburgh, Pennsylvania.