Northmarq, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% fee simple interest in the single-tenant industrial asset located at 2500 Industrial Avenue in Hubbard, Oregon (the “Property” or “Facility”). Fully leased to Maxim Crane Works L.P., the Property is positioned just 25 miles south of downtown Portland. Built in 1998 and operated as a crane facility since 2002, the site comprises a ±10,000 SF building on ±7.1 acres with space dedicated to office and crane service and storage. The building offers attractive, durable concrete construction with a long useful life and strong residual value and is adjacent to State Highway OR-99E and Interstate 5, both of which lead directly to downtown Portland.
A newly acquired facility for Maxim Crane Works, the Property is operating under a long-term NNN lease with aggressive 2.50% annual rent increases throughout both the base term and each of two, ten-year option periods. Maxim Crane Works is the largest coast-to-coast provider of comprehensive lifting services in the United States and one of the largest lifting solutions businesses in North America. Along with its affiliated companies, Maxim serves more than 10,000 customers through its fleet of over 2,600 cranes and 56+ branches. Its parent, Maxim Crane Works Holdings Capital, LLC, which fully guarantees the lease, reports annual revenue approaching $1.0 billion.