Fortis Net Lease is pleased to present this freestanding industrial property, fully leased to the international tenant Sunbelt Rentals. Sunbelt recently executed their first five-year option period, extending the lease.
With the recent extension, the lease now has over 4 Years & 8 Months remaining in the current term, plus Two remaining five-year options. The property is structured as a NN (double net) lease, minimizing landlord responsibilities to primarily roof, Structure, Foundation. The lease also includes a 2% annual rent increase to help hedge against inflation.
Constructed in 2018 and improved in 2021 when Sunbelt first leased the premises, the property now sits on over 8 acres with Sunbelt electing to lease the additional 4+/- acres signed into the recent lease amendment, providing ample space for the tenant’s desired Industrial Outdoor Storage (IOS). Along with the recent extension, Sunbelt Rentals has plans Major Lease Hold Improvements.
This is an excellent opportunity for an investor seeking a passive income-producing asset with minimal landlord involvement and a creditworthy international tenant in place.