Click Link to Download Offering Memorandum: https://www.ipsocal.com/properties/833legner/
HIGHLY SECURED LONG TERM NNN LEASE WITH PUBLICLY TRADED / INDUSTRY LEADING TENANT
* Patrick Industries (NASDAQ : PATK) is a leading global manufacturer and supplier of quality component solutions to the Outdoor Enthusiast markets (RV, Marine, Powersports) as well as the Housing sector. The company features eighty-six (86) leading brands within its diverse portfolio. Patrick Industries reported 2024 Gross Revenues of $3.72 Billion + creating a highly secured income stream. Patrick Industries acquired Sigma Wire in December 2016 which is the wholly owned brand that operates at the subject site. Sigma is a manufacturer of PVC insulated wire and cable products primarily for the Recreational Vehicle (“RV’) and Marine markets.
* Patrick Industries recently executed an extension amendment which takes effect October 1, 2025. The Landlord friendly corporate signature NNN lease has ± 6.25 years remaining (as of 7/1/25). The lease features attractive two and a half percent (2.5%) annual increases throughout the extended term providing an excellent hedge against inflation. In addition, there is one (1) five (5) year option to renew at Fair Market Rental Rate.
* In place rent is 32% below market. LONG TERM HISTORICAL OCCUPANCY OF 20+ YEARS.
“STICKINESS” FACTOR: MISSION CRITICAL CABLE / WIRE MANUFACTURING FACILITY
* Patrick industries (dba Sigma Wire) has deep ties to Bremen, IN and the surrounding market. The company was founded 66 years ago in nearby Elkhart, IN and remains headquartered there today. The company has a multitude of manufacturing and distribution facilities throughout the region which service their various market segments and brands. The company is heavily reliant on skilled / specialized labor that is pulled directly from the immediate trade area.
* At ± 142,914 SF, the subject site is the largest / primary manufacturing facility in the region for Sigma Wire’s PVC insulated wire and cable products for Recreational Vehicle and Marine markets. The “mission critical” building has been heavily improved by the Tenant with $8,000,000 of highly specialized equipment added over the past 3 years.
SOLID UNDERLYING INDUSTRIAL REAL ESTATE FUNDAMENTALS & TRADE AREA LOCATION
* The property possesses excellent underlying industrial manufacturing real estate fundamentals – notable site / building features include: ± 142,914 SF total building /
Large ± 421,435 SF site (±9.68 acres) with ample parking and outdoor storage space / Sixteen (16) dock doors with two (2) on the east side of building and fourteen (14) on west side / 24’ Clear Height in Main Building & 12’-14’ Clear Height in front manufacturing and office space / Heavy Power with 2,000/1,600/2,000 amp, 480-volt 3-phase service on the west side of building) + 3,000/1,600/2,000 amp, 480-volt, 3-phase service on the south side of the building / Recently upgraded roof / Fire suppression system throughout entire premises.