The property consists of two buildings, a 42,000 SF fabrication & storage warehouse and a 15,650 SF office building that is currently wrapping up Phase II of construction.
Upon close of escrow, the seller will sign a brand-new, 15-year absolute NNN lease on both buildings with 1.5% annual rental increases, making this a true hands off, inflation resistant asset.
Piping and Equipment company has a 75 year operating history and the
company has been growing rapidly in the face of COVID. Revenues are
projected to almost double in 2021 and the company has had to expand the
subject facilities due to new business lines and customer demand primarily in
the energy sector. The company is a Subchapter 15 Corp meaning they DO NOT pay Federal or State income tax providing the company a unique operating advantage that dramatically enhances their profitability profile.
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