CBRE, as exclusive advisor to Owner, is pleased to present the opportunity to acquire the leasehold interest in a ± 236,200 SF single tenant NNN leased industrial manufacturing & distribution compound. The property is 100% occupied by Eagle Window & Door Manufacturing, a wholly owned subsidiary of Anderson Corporation, North America’s largest window & door manufacturer with annual revenues of $3.6 B.
Eagle Windows & Doors [Anderson Corporation], has occupied the premises since March 200—17+ years of successful historical occupancy. In July 2021, the Tenant expanded on the subject site to take total occupancy of the premises. The Tenant has renewed their lease several times including a recent extension in Q4 2025 which extended the term to June 30, 2030 [± 4.25 Years Remaining as of 4/1/26 analysis start]. The historical occupancy, expansion, and recent renewal are a testament to the “mission critical” nature of the site as the dedicated “finishing operations” hub for Anderson’s E-Series product line [formerly Eagle]. The facility is heavily equipped and specially designed for precision fabrication, assembly, and finishing of custom aluminum-clad windows and doors.
The leasehold investment [± 236,200 building] sits on a ±9.22 acre parcel which is covered by a ground lease with the City of Dubuque, IA. The original 25-year ground lease term has ±17.50 years remaining. The city has a strong track record of renewing industrial ground leases in the Purina Drive corridor as it is aligned with city policy, economic development objections, and precedent. The subject offering presents an opportunity for an investor to capture substantial in-place cash flows and long term value-add upside potential via ground lease extension with the City.
Investment Highlights
HIGHLY ATTRACTIVE IRR / LONG TERM VALUE-ADD OPPORTUNITY VIA GROUND LEASE EXTENSION
— 1111 & 1115 Purina Drive is being offered at a highly attractive all cash IRR. The subject property is a Leasehold Interest Investment. The original 25-year ground lease remaining term is ± 17.5 years.
— Dubuque, IA has a strong track record of renewing industrial ground leases in the Purina Drive corridor as it is aligned with city policy, economic development objections, and precedent. The subject offering presents an opportunity for an investor to capture substantial in-place cash flows and long-term value-add upside potential via ground lease extension with the City.
“STICKINESS FACTOR” : 17 + YEARS HISTORICAL OCCUPANCY, EXPANSION, AND RECENT RENEWAL
— Eagle Window & Doors (Anderson Corporation) has occupied the site since 2008 (17+ years of successful historical occupancy).
— The Tenant expanded on the site in 2021 to take 100% occupancy of the entire compound. In addition, they have renewed their lease multiple times including a recent four (4) year extension in Q4 2025 which extended the lease to June 2030 (± 4.25 Years Remaining as of 4/1/26 analysis date).
MISSION CRITICAL LOCATION | SYMBIOTIC RELATIONSHIP WITH ±395K SF PRODUCTION And MANUFACTURING FACILITY ±0.93 MILES AWAY FROM PROPERTY
— 1111 & 1115 Purina Drive, Dubuque, IA works symbiotically with Eagle Window & Doors (Anderson Corporation) ± 395,000 SF production and manufacturing hub at 2045 Kerper Blvd, Dubuque, IA which was built in 2000. The Kerper Blvd facility is the primary manufacturing, warehousing, and office complex for the company. The Purina Drive facility is a highly specialized complex where coatings, adhesives, painting and finishing operations are handled. The complementary sites are critical components of Anderson’s operation, each handling very specific functions, to relocate or reproduce these facilities would be impossible without a massive capital outlay.
LOCATION WITHIN THRIVING DUBUQUE MARKET— LOW VACANCY / LIMITED NEW SUPPLY
— The low vacancy and strong rent growth are a testament to the high tenant demand and scarcity of available product in the greater Dubuque, IA market.