Northmarq brokers $40.75 million sale of 401,474-sq.-ft. industrial property triple net leased to government contractor

ATLANTA (July 15, 2024) — Northmarq’s Commercial Investment Sales team of Colin Couch, Jason Powell, Brian Ritchie and Tyler McCain successfully brokered the sale of a single-tenant industrial asset in Bedford, Indiana leased to Science Applications International Corp. (SAIC). The property is situated on approximately 74 acres at 3120 16th Street, Bedford, Ind. Northmarq represented the seller, and the buyer was an institutional investor.

“We ran a competitive process and were able to generate 11 offers as there was significant interest in the strong corporate credit of SAIC, new 10-year lease and mission-critical nature of this location near Naval Support Activity Crane (NSA Crane), which is the third largest Naval installation in the world,” said Couch.

SAIC has occupied the property since 2009 and has expanded their footprint on seven separate occasions and will fully occupy the 401,474-sq.-ft. property, consisting of the existing 385,474-sq.-ft. building in addition to a new 16,000-sq.-ft. build-to-suit.

Science Applications International Corp. is a provider of technical, engineering and enterprise information technology (IT) services primarily to the U.S. government, employing over 25,000 people. As one of the largest U.S. defense contractors, SAIC is a mission-critical tenant and will operate on an extended long-term lease.

The industrial site is situated in a premiere defense region in the Indiana Uplands centered around the NSA Crane. In addition, Bedford, Ind. is centrally located among major metros including Cincinnati, Louisville and Indianapolis, boasting a strong logistical location.