Northmarq brokers sale leaseback of North Carolina industry facility for $9.5 million
ATLANTA, GEORGIA (March 29, 2023) — Robert Poirier, associate vice president in Northmarq’s Atlanta office, arranged the $9.5 million sale leaseback of a single-tenant industrial property fully leased to Mount Vernon Mills, Inc. The 270, 252 sq. ft. facility is located at 235 River Road in Rockingham, North Carolina. Northmarq represented both the buyer and seller. The buyer was an institutional investor based in Arizona.
“Despite the current market, we were able to create a tremendous amount of interest from a very diverse group of investors, ultimately receiving 18 LOIs during the marketing process,” said Poirier. “At the end of the day, surety of close, and the strong reputation of the investor is what won the deal.
Built in 1973, the property is situated on 27.74 acres and serves as a mission-critical facility for Mount Vernon Mills, the country’s largest apparel fabric manufacturer. Mount Vernon Mills’ Rockingham location produces open-end spun yarn and woven greige goods for the company’s flame-resistant products. Offering ample room for expansion, the industrial facility is strategically located right off US Route 220 and less than two miles from US Route 1 and Interstate 74. The tenant operates on a corporate guaranteed absolute triple net lease.
For more information on the net lease industrial market, view Northmarq’s Q4 2022 Market Snapshot.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
