All Things Business

School Speciality, Inc. Building Sells For $10.5 Million

29 Oct , 2020  

The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant School Specialty, Inc. location at 100 Paragon Parkway in Mansfield for $10,500,000.

The 314,736-square-foot School Specialty facility is located in an industrial corridor off North Main Street (12,000 VPD) which connects to Martin Luther King Jr Freeway (40,000+ VPD), which is a primary thoroughfare. The property features 49,500 square feet of office space with the ability to expand the building to over 1 million square feet. The warehouse is equipped with a narrow isle racking system with an in-ground, wire-guided forklift system for maximum use efficiency. Tenants in the industrial park include FedEx, Coca-Cola, Frito-Lay, and Ohio Army and National Guard.

There are more than 78,927 people living within 7 miles with an average household income in excess of $58,314 annually.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The seller was a private individual who was advised by its long-time asset manager, Mesirow Realty Sale-Leaseback, Inc. and the buyer was a REIT based in the Northeast.

The current School Specialty, Inc. lease expires on October 31, 2025 and is absolute-NNN with no landlord responsibilities. School Specialty is a leading distributor of supplies, furniture, technology products, supplemental learning products, and curriculum solutions to the education marketplace.

“Industrial properties with NNN leases with proven track records continue to be popular amongst investors” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “This property offered the buyer a “best-of-both-worlds” scenario: long operating history of tenant and a low rent compared to the market.”

Source, Photo: The Boulder Group

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