Available $2,525,000 - Industrial
Investment Offering & Highlights
- A 66,120+/- square foot industrial building on +/-5.48 acres leased to Nittany Paper Company, Inc until 2030
- New long term 10-year NNN lease with 2.0% annual base rental increases
- Successful “essential” profitable private company with a guaranty
- Recently merged with their pulp and raw material distributor creating a stronger company
- New roof with R19 insulation, gutters and downspouts, and new fire suppression system with a new water main, sprinklers, and risers
- Well located north of Harrisburg and east of Pittsburgh, just 30 miles south of Penn State in State College, PA
- Tenants in the area include First Quality Baby Products, Trinity Plastics, Wal-Mart Supercenter, Lowe’s, Tractor Supply Co, True Temper, and GE Inspection Technologies
Cushman & Wakefield’s Net Lease Group is pleased to offer for sale the 66,120 sq. ft. Nittany Paper manufacturing Building on a 5.48 acre site in Lewistown, Pennsylvania. The property is fully leased long term to Nittany Paper Mills, LLC. The lease is guaranteed by Marcel Holdings, LLC.
Leased to NITTANY PAPER for 10 years with 2.0% annual increases throughout the primary lease term and options. The lease is net with the tenant responsible for taxes, insurance, and maintenance. The Landlord is responsible for the new (2020) standing seam metal roof. There is one 5-year renewal option with the base rent continuing to increase 2.0% per year.
The Tenant is Nittany Paper Mills LLC, a family-owned company located in the Appalachian mountains of central Pennsylvania with a distribution network that spans across the United States. Nittany’s focus is to provide economical workplace solutions with renewable paper towels, bath tissue, facial tissue, napkins, and no-touch dispensers. Founded in 2005, Nittany Paper now produces over 100 products to customize customer restrooms, break rooms, and work areas with green seal and USDA certified products.
Please use the following link to access the full OM: https://www.crexi.com/properties/449085/pennsylvania-nittany-paper