Two NNN-leased small industrial buildings in Wyoming

[Daniel Holbrook]

Hi,

The Deal

I have a verbal contract for two industrial buildings in Wyoming (Cheyenne and Casper, the two largest cities).  

I am very motivated to move forward on this deal, but do not have the full 25% down payment.  I am looking for either of two partners

1) equity partner who will co-invest and co-own, for a pro-rata return.

2) private lender for most of the down payment.  I would be willing to consider short-term financing of one or two years so the lender is not strung out for too long.

Property Details

The buildings are each about 3,500 sf.  They are leased to an international tenant, who has occupied the buildings for over 10 years.  The tenant maintains the interior and has spent significant amounts on upgrading the buildings, so they are very motivated to stay.  The lease expires in one year, but I think the renewal probability is over 95%--otherwise I would not be near this deal.  We should be able to bump the rent slightly at renewal.

As a NNN lease, tenant reimburses taxes and insurance, and pays all other expenses including repairs. Even if taxes or insurance move significantly, the NOI is not diminished.

I pro-forma over 8.5% cap rate.   

Please message me for more specifics about the pro-forma and other questions you have.

Thank you.