Progressive Metal Manufacturing 1200-1460 Channing St 58,250 SF Industrial Building Ferndale, MI 48220 £3,369,205 (£57.84/SF) 7.50% Net Initial Yield
EXECUTIVE SUMMARY
• RARE ABSOLUTE NNN LEASE / BELOW MARKET RENT / NO OPTIONS TO RENEW – Progressive Metal Manufacturing (PMMCO) is operating under
a rare Absolute NNN lease structure (Zero Landlord Responsibilities), making this a true passive investment. The subject lease is also structured with
2.50% annual rent increases, providing a strong hedge against inflation. Furthermore, the current rent of $5.67/SF is considered below market. With
PMMCO recently exercising their last 5-year option to renew, an investor has a unique mark-to-market opportunity at the end of the current term in 2029.
• FUNCTIONAL INDUSTRIAL / INFILL INDUSTRIAL LOCATION – This functional ±58,250 SF manufacturing/distribution facility is situated on 1.96
acres of land and has benefitted from ongoing capital investment, including the recent installation of a brand-new roof on the main building (20-year
Warranty). Demand for comparable manufacturing facilities within this specific infill industrial market continues to outpace supply, making this a true
generational asset/investment.
• STRATEGIC MIDWEST INDUSTRIAL / STRONG INDUSTRIAL CORRIDOR – Progressive Metal Manufacturing is strategically located in Ferndale, MI
(Detroit MSA) less than 1 mile from the I-75, (the 2nd longest north-south interstate that runs through six different states connecting Canada to Miami).
Additionally, there are several other major transportation avenues adjacent to the subject PMMCO facility which play a key role in connecting this area
to both national & international shipping routes including The Canadian National Railway (CN), Detroit International Airport, I-696, & more. Detroit
is famously known as the “Motor City” and serves as the epicenter of the automotive industry in the United States. Progressive Metal Manufacturing
specializes in metal fabrication, precision machining, and custom metalwork, which align closely with the needs of Tier 1 Original Equipment
Manufacturers (OEMs) in the automotive & aerospace sector. Being near automotive & aerospace giants like General Motors, Ford, Stellantis, Lockheed
Marting, BAE Systems, etc. allows PMMCO to maintain close relationships with their clients.
• CORPORATE GUARANTEE / STRONG OPERATING HISTORY – Progressive Metal Manufacturing has successfully operated at this location since 2007
(18-year operating history). Over the years, PMMCO has invested millions of dollars into the subject facilities through the installation of state-of-the-art
machinery & continuous improvements to the premises to make this their flagship headquarter location.
a rare Absolute NNN lease structure (Zero Landlord Responsibilities), making this a true passive investment. The subject lease is also structured with
2.50% annual rent increases, providing a strong hedge against inflation. Furthermore, the current rent of $5.67/SF is considered below market. With
PMMCO recently exercising their last 5-year option to renew, an investor has a unique mark-to-market opportunity at the end of the current term in 2029.
• FUNCTIONAL INDUSTRIAL / INFILL INDUSTRIAL LOCATION – This functional ±58,250 SF manufacturing/distribution facility is situated on 1.96
acres of land and has benefitted from ongoing capital investment, including the recent installation of a brand-new roof on the main building (20-year
Warranty). Demand for comparable manufacturing facilities within this specific infill industrial market continues to outpace supply, making this a true
generational asset/investment.
• STRATEGIC MIDWEST INDUSTRIAL / STRONG INDUSTRIAL CORRIDOR – Progressive Metal Manufacturing is strategically located in Ferndale, MI
(Detroit MSA) less than 1 mile from the I-75, (the 2nd longest north-south interstate that runs through six different states connecting Canada to Miami).
Additionally, there are several other major transportation avenues adjacent to the subject PMMCO facility which play a key role in connecting this area
to both national & international shipping routes including The Canadian National Railway (CN), Detroit International Airport, I-696, & more. Detroit
is famously known as the “Motor City” and serves as the epicenter of the automotive industry in the United States. Progressive Metal Manufacturing
specializes in metal fabrication, precision machining, and custom metalwork, which align closely with the needs of Tier 1 Original Equipment
Manufacturers (OEMs) in the automotive & aerospace sector. Being near automotive & aerospace giants like General Motors, Ford, Stellantis, Lockheed
Marting, BAE Systems, etc. allows PMMCO to maintain close relationships with their clients.
• CORPORATE GUARANTEE / STRONG OPERATING HISTORY – Progressive Metal Manufacturing has successfully operated at this location since 2007
(18-year operating history). Over the years, PMMCO has invested millions of dollars into the subject facilities through the installation of state-of-the-art
machinery & continuous improvements to the premises to make this their flagship headquarter location.
PROPERTY FACTS
| Price | £3,369,205 |
| Price Per SF | £57.84 |
| Sale Type | Investment |
| Net Initial Yield | 7.50% |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | C |
| Lot Size | 1.94 AC |
| Rentable Building Area | 58,250 SF |
| Number of Floors | 1 |
| Year Built/Renovated | 1940/1960 |
| Tenancy | Single |
| Parking Ratio | 0.48/1,000 SF |
| Clear Ceiling Height | 24 ft |
| No. Dock-High Doors/Loading | 1 |
| Level Access Doors | 3 |
| Zoning | II - Light Industrial |
AMENITIES
- Property Manager on Site
- Signage
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £0 | |
| Land Assessment | £0 | Total Assessment | £950,452 |
